Nuvalent, Inc. Expected to Post Q1 2024 Earnings of ($0.79) Per Share (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL) – Equities research analysts at Leerink Partnrs issued their Q1 2024 earnings per share (EPS) estimates for shares of Nuvalent in a research note issued to investors on Monday, April 1st. Leerink Partnrs analyst A. Berens anticipates that the company will post earnings of ($0.79) per share for the quarter. Leerink Partnrs has a “Outperform” rating on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($2.96) per share. Leerink Partnrs also issued estimates for Nuvalent’s FY2024 earnings at ($3.24) EPS, FY2025 earnings at ($4.08) EPS, FY2026 earnings at ($4.37) EPS and FY2027 earnings at ($4.13) EPS.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets boosted their target price on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Robert W. Baird initiated coverage on Nuvalent in a research note on Friday, February 23rd. They issued an “outperform” rating and a $105.00 price objective for the company. Guggenheim began coverage on Nuvalent in a research note on Wednesday, February 28th. They set a “buy” rating and a $99.00 target price on the stock. JPMorgan Chase & Co. boosted their price target on shares of Nuvalent from $68.00 to $98.00 and gave the stock an “overweight” rating in a report on Wednesday, March 6th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $99.00 price objective on shares of Nuvalent in a research report on Tuesday, February 27th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $90.00.

Nuvalent Price Performance

NUVL opened at $73.42 on Wednesday. Nuvalent has a fifty-two week low of $23.09 and a fifty-two week high of $89.39. The firm has a market capitalization of $4.70 billion, a P/E ratio of -33.99 and a beta of 1.29. The company’s 50-day moving average is $81.00 and its 200 day moving average is $68.94.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02).

Institutional Trading of Nuvalent

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in Nuvalent by 1.4% during the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company’s stock worth $719,000 after purchasing an additional 139 shares during the period. Tower Research Capital LLC TRC increased its position in Nuvalent by 41.0% during the third quarter. Tower Research Capital LLC TRC now owns 643 shares of the company’s stock worth $30,000 after purchasing an additional 187 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in shares of Nuvalent by 3.1% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company’s stock worth $323,000 after buying an additional 210 shares during the last quarter. Teacher Retirement System of Texas raised its position in Nuvalent by 4.8% in the third quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company’s stock valued at $269,000 after purchasing an additional 269 shares during the period. Finally, Amalgamated Bank raised its holdings in shares of Nuvalent by 8.1% in the 4th quarter. Amalgamated Bank now owns 3,815 shares of the company’s stock valued at $281,000 after buying an additional 285 shares during the period. Institutional investors and hedge funds own 97.26% of the company’s stock.

Insider Transactions at Nuvalent

In related news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at $2,581,083. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Matthew Shair sold 37,500 shares of Nuvalent stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now directly owns 1,687,198 shares of the company’s stock, valued at $129,526,190.46. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the completion of the transaction, the insider now directly owns 33,300 shares in the company, valued at approximately $2,581,083. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 959,500 shares of company stock worth $70,121,075. Company insiders own 14.77% of the company’s stock.

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.