Wedbush Has Negative Outlook for Nuvalent FY2024 Earnings

Nuvalent, Inc. (NASDAQ:NUVL) – Wedbush dropped their FY2024 earnings estimates for Nuvalent in a report released on Tuesday, November 12th. Wedbush analyst D. Nierengarten now expects that the company will earn ($3.78) per share for the year, down from their previous estimate of ($3.45). Wedbush currently has a “Outperform” rating and a $115.00 target price 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.

Several other research analysts have also commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Guggenheim increased their price target 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. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research report on Monday, July 29th. Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price for the company. Finally, The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. One research 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 stock. According to data from MarketBeat.com, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Stock Down 3.7 %

Shares of Nuvalent stock opened at $86.88 on Friday. The company has a market cap of $5.63 billion, a PE ratio of -25.04 and a beta of 1.33. The business has a 50 day moving average of $97.28 and a 200 day moving average of $83.08. Nuvalent has a 52 week low of $56.52 and a 52 week 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 quarter last year, the company earned ($0.59) earnings per share.

Insider Activity

In other Nuvalent news, insider Henry E. Pelish sold 10,500 shares of the 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 sale, the insider now directly owns 66,095 shares in the company, valued at approximately $5,623,362.60. This trade represents a 13.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $84.46, for a total transaction of $168,920.00. Following the transaction, the director now owns 228,522 shares in the company, valued at $19,300,968.12. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,122,629 shares of company stock worth $207,180,508 over the last three months. 12.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

A number of hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC increased its holdings in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Nuvalent during the 1st quarter valued at $121,000. Swiss National Bank lifted its stake in shares of Nuvalent by 0.8% during 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 in the last quarter. Sei Investments Co. boosted its holdings in Nuvalent by 5.7% in the 1st quarter. Sei Investments Co. now owns 31,062 shares of the company’s stock worth $2,337,000 after buying an additional 1,681 shares during the period. Finally, ProShare Advisors LLC increased its stake in Nuvalent by 10.3% in the 1st quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock worth $667,000 after buying an additional 830 shares in the last quarter. Institutional investors own 97.26% 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.