HC Wainwright Estimates Nuvalent FY2024 Earnings

Nuvalent, Inc. (NASDAQ:NUVL - Free Report) - Analysts at HC Wainwright issued their FY2024 earnings per share (EPS) estimates for Nuvalent in a report issued on Monday, December 30th. HC Wainwright analyst S. Ramakanth anticipates that the company will post earnings of ($3.96) per share for the year. HC Wainwright has a "Buy" rating and a $110.00 price target 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.

NUVL has been the subject of a number of other reports. Stifel Nicolaus upped their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. BMO Capital Markets upped their price target on shares of Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upgraded shares of Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. JPMorgan Chase & Co. upped their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a research report on Friday, October 4th. Finally, Wedbush reaffirmed an "outperform" rating and set a $115.00 price target on shares of Nuvalent in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $112.36.

Nuvalent Stock Up 0.5 %

Shares of NASDAQ:NUVL traded up $0.41 during trading on Wednesday, hitting $78.28. 829,162 shares of the company traded hands, compared to its average volume of 439,165. The business's fifty day moving average is $90.16 and its 200-day moving average is $87.36. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of -22.56 and a beta of 1.31. Nuvalent has a one year low of $61.79 and a one year high of $113.51.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period in the previous year, the business posted ($0.59) EPS.

Insider Activity at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total transaction 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 $19,240,197.64. This trade represents a 12.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the business's stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $83.78, for a total value of $167,560.00. Following the sale, the director now directly owns 220,522 shares in the company, valued at $18,475,333.16. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,070,000 shares of company stock valued at $202,035,390 over the last 90 days. 12.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC purchased a new stake in Nuvalent during the second quarter valued at about $44,000. Amalgamated Bank raised its holdings in shares of Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company's stock valued at $84,000 after acquiring an additional 198 shares during the period. Portland Investment Counsel Inc. purchased a new stake in shares of Nuvalent in the 3rd quarter valued at approximately $205,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Nuvalent by 21.6% in the 3rd 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 during the period. Finally, Creative Planning purchased a new position in Nuvalent during the 3rd quarter worth approximately $232,000. Institutional investors and hedge funds 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.