FY2024 EPS Estimates for Nuvalent Lowered by Leerink Partnrs

Nuvalent, Inc. (NASDAQ:NUVL) – Leerink Partnrs decreased their FY2024 earnings per share estimates for Nuvalent in a report released 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 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.

A number of other equities analysts also recently commented on the stock. Guggenheim lifted their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Wedbush reissued an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Tuesday. Stifel Nicolaus upped their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Trading Down 3.7 %

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

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

Insider Activity

In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction on Friday, August 30th. The shares were sold at an average price of $84.23, for a total transaction of $842,300.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,804,859. The trade was a 23.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares in the company, valued at approximately $19,300,968.12. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, 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

Hedge funds have recently made changes to their positions in the business. M&T Bank Corp lifted its stake in Nuvalent by 21.0% during the third quarter. M&T Bank Corp now owns 7,281 shares of the company’s stock worth $745,000 after purchasing an additional 1,263 shares during the last quarter. Barclays PLC lifted its position in shares of Nuvalent by 149.0% during the 3rd quarter. Barclays PLC now owns 68,107 shares of the company’s stock worth $6,968,000 after buying an additional 40,754 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Nuvalent in the 3rd quarter valued at $1,255,000. Wellington Management Group LLP grew its position in shares of Nuvalent by 65.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after buying an additional 400,402 shares during the last quarter. Finally, RA Capital Management L.P. raised its stake in Nuvalent by 47.2% during the 3rd quarter. RA Capital Management L.P. now owns 176,281 shares of the company’s stock worth $18,034,000 after acquiring an additional 56,492 shares in the last quarter. Hedge funds and other 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.