FY2024 EPS Estimates for Nuvalent Cut by Leerink Partnrs

Nuvalent, Inc. (NASDAQ:NUVL) – Leerink Partnrs lowered their FY2024 earnings estimates for Nuvalent in a note issued to investors on Tuesday, November 12th. Leerink Partnrs analyst A. Berens now forecasts that the company will post earnings per share of ($4.16) for the year, down from their prior estimate 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.

Several other research analysts also recently weighed in on NUVL. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Tuesday. Guggenheim boosted their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Stifel Nicolaus raised their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Finally, UBS Group assumed coverage on Nuvalent in a report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price objective on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Stock Down 3.7 %

Shares of NUVL stock opened at $86.88 on Friday. The stock’s 50-day moving average price is $97.28 and its 200 day moving average price is $83.08. The stock has a market capitalization of $5.63 billion, a PE ratio of -25.04 and a beta of 1.33. Nuvalent has a 52-week low of $56.52 and a 52-week high of $113.51.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the prior year, the firm earned ($0.59) EPS.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total value of $2,761,560.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at $19,240,197.64. This represents a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Henry E. Pelish sold 10,500 shares of Nuvalent stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $85.08, for a total value of $893,340.00. Following the sale, the insider now owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,122,629 shares of company stock valued at $207,180,508 in the last ninety days. Corporate insiders own 12.52% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its position in shares of Nuvalent by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after purchasing an additional 189 shares during the period. SG Americas Securities LLC acquired a new stake in Nuvalent in the 1st quarter worth about $121,000. Swiss National Bank grew its holdings in Nuvalent by 0.8% in the 1st quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after buying an additional 400 shares during the period. Sei Investments Co. increased its stake in shares of Nuvalent by 5.7% during the 1st quarter. Sei Investments Co. now owns 31,062 shares of the company’s stock valued at $2,337,000 after acquiring an additional 1,681 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Nuvalent by 10.3% during the 1st quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock worth $667,000 after acquiring an additional 830 shares during the period. Institutional investors and hedge funds 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.