HC Wainwright Comments on Nuvalent FY2024 Earnings

Nuvalent, Inc. (NASDAQ:NUVL) – Equities research analysts at HC Wainwright issued their FY2024 EPS estimates for Nuvalent in a research note issued to investors on Monday, December 30th. HC Wainwright analyst S. Ramakanth forecasts that the company will post earnings per share of ($3.96) for the year. HC Wainwright has a “Buy” rating and a $110.00 price objective on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.84) per share. HC Wainwright also issued estimates for Nuvalent’s Q4 2024 earnings at ($1.10) EPS, Q1 2025 earnings at ($1.08) EPS, Q2 2025 earnings at ($1.05) EPS, Q3 2025 earnings at ($1.02) EPS, Q4 2025 earnings at ($1.00) EPS, FY2025 earnings at ($4.16) EPS, FY2026 earnings at ($2.88) EPS, FY2027 earnings at ($0.55) EPS and FY2028 earnings at $1.88 EPS.

Several other equities analysts also recently commented on NUVL. Wedbush reissued an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. BMO Capital Markets increased their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price objective on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research report on Friday, October 4th. UBS Group assumed coverage on Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. Finally, Guggenheim boosted their price target on Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $112.36.

Nuvalent Stock Performance

Shares of NUVL stock opened at $78.28 on Wednesday. Nuvalent has a fifty-two week low of $61.79 and a fifty-two week high of $113.51. The company has a market cap of $5.56 billion, a PE ratio of -22.56 and a beta of 1.31. The stock’s fifty day moving average price is $90.16 and its two-hundred day moving average price is $87.36.

Nuvalent (NASDAQ:NUVL) last issued 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 period in the prior year, the company posted ($0.59) earnings per share.

Insiders Place Their Bets

In related news, CEO James Richard Porter sold 27,000 shares of the 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 completion of the sale, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $19,240,197.64. This represents a 12.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares of the company’s stock, valued at approximately $847,542,548. The trade was a 18.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,070,000 shares of company stock worth $202,035,390. Corporate insiders own 12.52% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quest Partners LLC bought a new position in shares of Nuvalent during the 2nd quarter worth $44,000. Amalgamated Bank boosted its position in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the period. Portland Investment Counsel Inc. bought a new position in Nuvalent during the third quarter worth about $205,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new stake in shares of Nuvalent in the second quarter valued at approximately $218,000. 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.