FY2024 EPS Estimates for Nuvalent Reduced by Leerink Partnrs

Nuvalent, Inc. (NASDAQ:NUVL - Free Report) - Investment analysts at Leerink Partnrs dropped their FY2024 earnings per share (EPS) estimates for Nuvalent in a research note issued to investors on Tuesday, November 12th. Leerink Partnrs analyst A. Berens now forecasts that the company will post earnings per share of ($4.16) for the year, down from their prior 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.

Nuvalent (NASDAQ:NUVL - Get Free Report) last released 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 company earned ($0.59) earnings per share.

Other analysts have also issued reports about the company. BMO Capital Markets lifted their price objective on Nuvalent from $132.00 to $134.00 and gave the stock an "outperform" rating in a research report on Wednesday. Barclays began coverage on Nuvalent in a research report on Thursday, August 29th. They issued an "overweight" rating and a $100.00 price objective for the company. Stifel Nicolaus boosted their target price on Nuvalent from $115.00 to $135.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. The Goldman Sachs Group upgraded Nuvalent to a "strong sell" rating in a research report on Monday, September 16th. Finally, Guggenheim boosted their target price on Nuvalent from $99.00 to $105.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $112.60.

Nuvalent Trading Down 3.7 %

Shares of Nuvalent stock traded down $3.30 during trading on Friday, reaching $86.88. The company's stock had a trading volume of 772,965 shares, compared to its average volume of 440,756. The stock has a 50-day moving average price of $97.27 and a two-hundred day moving average price of $82.94. Nuvalent has a one year low of $56.52 and a one year high of $113.51. The stock has a market capitalization of $5.63 billion, a P/E ratio of -25.03 and a beta of 1.33.

Insider Buying and Selling at Nuvalent

In other news, insider Henry E. Pelish sold 10,500 shares of the firm's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the transaction, the insider now owns 66,095 shares of the company's stock, valued at approximately $5,623,362.60. This trade represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 transaction of $168,920.00. Following the transaction, the director now directly owns 228,522 shares of the company's stock, valued at $19,300,968.12. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,122,629 shares of company stock worth $207,180,508 over the last quarter. Corporate insiders own 12.52% of the company's stock.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently modified their holdings of the business. M&T Bank Corp raised its stake in shares of Nuvalent by 21.0% during the third quarter. M&T Bank Corp now owns 7,281 shares of the company's stock valued at $745,000 after acquiring an additional 1,263 shares during the last quarter. Barclays PLC raised its stake in Nuvalent by 149.0% during the third 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 bought a new position in Nuvalent during the third quarter worth $1,255,000. Wellington Management Group LLP raised its stake in Nuvalent by 65.5% during the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock worth $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 third quarter. RA Capital Management L.P. now owns 176,281 shares of the company's stock worth $18,034,000 after buying an additional 56,492 shares during 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.