FY2024 EPS Estimates for Nuvalent Decreased by Analyst

Nuvalent, Inc. (NASDAQ:NUVL) – Research analysts at Leerink Partnrs reduced their FY2024 earnings estimates for Nuvalent in a report issued on Tuesday, November 12th. Leerink Partnrs analyst A. Berens now expects that the company will post earnings of ($4.16) per share for the year, down from their previous forecast of ($3.97). The consensus estimate for Nuvalent’s current full-year earnings is ($3.58) per share. Leerink Partnrs also issued estimates for Nuvalent’s Q4 2024 earnings at ($1.28) EPS, FY2025 earnings at ($5.51) EPS, FY2026 earnings at ($6.28) EPS and FY2027 earnings at ($4.97) EPS.

A number of other equities research analysts have also issued reports on NUVL. BMO Capital Markets raised their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. UBS Group initiated coverage on shares of Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 4th. Finally, Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Price Performance

Shares of NASDAQ:NUVL opened at $90.18 on Friday. The firm has a market capitalization of $5.84 billion, a PE ratio of -25.99 and a beta of 1.33. The business has a 50 day simple moving average of $97.27 and a two-hundred day simple moving average of $82.94. Nuvalent has a 1 year low of $56.52 and a 1 year high of $113.51.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the previous year, the firm earned ($0.59) EPS.

Insider Activity

In related news, insider Henry E. Pelish sold 10,500 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the sale, the insider now directly owns 66,095 shares in the company, valued at $5,623,362.60. This represents a 13.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the sale, the director now directly owns 228,522 shares in the company, valued at approximately $19,300,968.12. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,122,629 shares of company stock worth $207,180,508. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Quest Partners LLC purchased a new position in Nuvalent in the second quarter worth $44,000. Amalgamated Bank lifted its holdings in shares of Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock valued at $84,000 after purchasing an additional 198 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Nuvalent in the 1st quarter worth $121,000. Allspring Global Investments Holdings LLC grew its stake in Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after buying an additional 189 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC acquired a new position in Nuvalent during the 1st quarter valued at about $202,000. Institutional investors own 97.26% of the company’s stock.

Nuvalent Company Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.