Wedbush Forecasts Nuvalent’s FY2024 Earnings (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL) – Investment analysts at Wedbush reduced their FY2024 earnings estimates for Nuvalent in a research report issued to clients and investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten now forecasts that the company will earn ($3.78) per share for the year, down from their previous forecast of ($3.45). Wedbush has a “Outperform” rating and a $115.00 price target on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.58) per share. Wedbush also issued estimates for Nuvalent’s Q4 2024 earnings at ($0.91) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.08) EPS, Q4 2025 earnings at ($1.14) EPS, FY2025 earnings at ($4.23) EPS, FY2026 earnings at ($4.55) EPS and FY2027 earnings at ($2.37) EPS.

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

NUVL has been the topic of a number of other reports. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Barclays began coverage on shares of Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective on the stock. BMO Capital Markets lifted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday. Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. raised their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Nuvalent currently has an average rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $86.88 on Friday. Nuvalent has a 52-week low of $56.52 and a 52-week high of $113.51. The business’s 50 day simple moving average is $97.28 and its two-hundred day simple moving average is $83.17. The firm has a market cap of $5.63 billion, a P/E ratio of -25.04 and a beta of 1.33.

Institutional Investors Weigh In On Nuvalent

Several large investors have recently modified their holdings of NUVL. Allspring Global Investments Holdings LLC lifted its stake in 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 last quarter. Amalgamated Bank increased its holdings in Nuvalent by 21.8% in the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the last quarter. HighVista Strategies LLC raised its stake in Nuvalent by 1.1% in the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock valued at $2,969,000 after acquiring an additional 320 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares during the last quarter. Finally, Swiss National Bank boosted its position in Nuvalent by 0.8% during the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock worth $3,822,000 after purchasing an additional 400 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insiders Place Their Bets

In other news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $102.75, for a total transaction of $205,500.00. Following the sale, the director now directly owns 226,522 shares in the company, valued at $23,275,135.50. The trade was a 0.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Henry E. Pelish sold 10,500 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.08, for a total transaction of $893,340.00. Following the transaction, the insider now owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,122,629 shares of company stock valued at $207,180,508 in the last 90 days. 12.52% of the stock is currently owned by corporate insiders.

About Nuvalent

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.