What is Wedbush's Forecast for Nuvalent FY2024 Earnings?

Nuvalent, Inc. (NASDAQ:NUVL - Free Report) - Equities researchers at Wedbush reduced their FY2024 EPS estimates for shares of Nuvalent in a research note issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now forecasts that the company will earn ($3.78) per share for the year, down from their prior forecast of ($3.45). Wedbush has a "Outperform" rating and a $115.00 price target on the stock. The consensus estimate for Nuvalent's current full-year earnings is ($3.58) per share. Wedbush also issued estimates for Nuvalent's Q4 2024 earnings at ($0.91) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.08) EPS, Q4 2025 earnings at ($1.14) EPS, FY2025 earnings at ($4.23) EPS, FY2026 earnings at ($4.55) EPS and FY2027 earnings at ($2.37) EPS.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted 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 quarter in the prior year, the company posted ($0.59) EPS.

Other analysts have also issued reports about the stock. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a "neutral" rating and a $100.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the company a "buy" rating in a research note on Monday, September 16th. The Goldman Sachs Group raised shares of Nuvalent to a "strong sell" rating in a research note on Monday, September 16th. 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 objective for the company. Finally, Guggenheim upped their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a "buy" rating in a research note on Monday, September 16th. One 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $112.60.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL traded down $3.30 during trading hours on Friday, hitting $86.88. 772,965 shares of the company's stock traded hands, compared to its average volume of 440,756. Nuvalent has a 52 week low of $56.52 and a 52 week high of $113.51. The company has a market cap of $5.63 billion, a price-to-earnings ratio of -25.03 and a beta of 1.33. The company's fifty day simple moving average is $97.27 and its two-hundred day simple moving average is $82.94.

Insider Activity at Nuvalent

In other Nuvalent news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred 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 in the company, valued at $19,240,197.64. This trade represents a 12.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $84.23, for a total value of $842,300.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at approximately $2,804,859. This trade represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,122,629 shares of company stock valued at $207,180,508. 12.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

Several hedge funds and other institutional investors have recently modified their holdings of the stock. M&T Bank Corp grew its stake in shares of Nuvalent by 21.0% in the third quarter. M&T Bank Corp now owns 7,281 shares of the company's stock worth $745,000 after acquiring an additional 1,263 shares during the last quarter. Barclays PLC grew its stake in shares of Nuvalent by 149.0% in the third quarter. Barclays PLC now owns 68,107 shares of the company's stock worth $6,968,000 after acquiring an additional 40,754 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Nuvalent in the third quarter worth $1,255,000. Wellington Management Group LLP grew its stake in shares of Nuvalent by 65.5% in the third quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company's stock worth $103,511,000 after acquiring an additional 400,402 shares during the last quarter. Finally, RA Capital Management L.P. grew its stake in shares of Nuvalent by 47.2% in the third quarter. RA Capital Management L.P. now owns 176,281 shares of the company's stock worth $18,034,000 after acquiring an additional 56,492 shares during the last quarter. Institutional investors and hedge funds 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.