Nuvalent (NASDAQ:NUVL) Announces Quarterly Earnings Results

Nuvalent (NASDAQ:NUVL - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35), Briefing.com reports. During the same period last year, the firm earned ($0.59) earnings per share.

Nuvalent Stock Performance

Nuvalent stock traded down $0.65 during mid-day trading on Wednesday, hitting $90.34. The company's stock had a trading volume of 488,979 shares, compared to its average volume of 439,193. Nuvalent has a one year low of $56.52 and a one year high of $113.51. The company has a 50 day moving average of $97.05 and a 200-day moving average of $82.84.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the firm's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $84.46, for a total value of $168,920.00. Following the transaction, the director now owns 228,522 shares of the company's stock, valued at $19,300,968.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other 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 transaction of $2,761,560.00. Following the transaction, the chief executive officer now owns 188,113 shares of the company's stock, valued at approximately $19,240,197.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, August 26th. The stock was 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 approximately $19,300,968.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,122,629 shares of company stock valued at $207,180,508. 12.52% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NUVL. Barclays began coverage on shares of Nuvalent in a research note on Thursday, August 29th. They set an "overweight" rating and a $100.00 price target on the stock. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a report on Monday, September 16th. Lifesci Capital upgraded Nuvalent to a "strong-buy" rating in a research report on Monday, July 29th. Guggenheim upped their price objective on Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their target price on Nuvalent from $100.00 to $125.00 and gave the stock an "overweight" rating in a report on Friday, October 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $112.60.

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.