Nuvalent (NASDAQ:NUVL) Releases Earnings Results

Nuvalent (NASDAQ:NUVL - Get Free Report) issued its earnings results on Thursday. The company reported ($1.05) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.02), Zacks reports.

Nuvalent Trading Down 5.3 %

NASDAQ NUVL traded down $3.95 on Monday, hitting $71.03. The company's stock had a trading volume of 552,119 shares, compared to its average volume of 450,281. Nuvalent has a 52-week low of $61.80 and a 52-week high of $113.51. The company's 50-day simple moving average is $80.12 and its 200 day simple moving average is $88.51. The firm has a market cap of $5.05 billion, a P/E ratio of -20.47 and a beta of 1.38.

Insider Activity

In other news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the transaction, the director now owns 216,522 shares in the company, valued at $16,981,820.46. This trade represents a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James Richard Porter sold 27,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares of the company's stock, valued at approximately $16,292,466.93. The trade was a 12.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,800 shares of company stock worth $8,895,004 in the last quarter. 12.52% of the stock is owned by company insiders.

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Wall Street Analyst Weigh In

NUVL has been the subject of several analyst reports. Wedbush restated an "outperform" rating and set a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright restated a "buy" rating and set a $110.00 target price on shares of Nuvalent in a report on Monday. Finally, BMO Capital Markets increased their target price on Nuvalent from $132.00 to $134.00 and gave the company an "outperform" rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $113.10.

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.