Nuvalent (NASDAQ:NUVL) Releases Earnings Results, Misses Estimates By $0.02 EPS

Nuvalent (NASDAQ:NUVL) released its earnings results on Thursday. The company reported ($1.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02), Zacks reports.

Nuvalent Stock Performance

NUVL opened at $74.98 on Friday. The business’s fifty day moving average is $80.38 and its two-hundred day moving average is $88.27. The company has a market cap of $5.33 billion, a price-to-earnings ratio of -21.61 and a beta of 1.38. Nuvalent has a one year low of $61.79 and a one year high of $113.51.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research note on Monday, January 13th. HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research note on Friday, January 17th. Finally, BMO Capital Markets lifted their price target on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One research 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 company. According to MarketBeat.com, Nuvalent currently has an average rating of “Moderate Buy” and a consensus target price of $113.10.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction on Monday, December 16th. The stock was 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 directly owns 188,113 shares of the company’s stock, valued at $16,292,466.93. The trade was a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction 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 directly owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. This trade represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,800 shares of company stock worth $8,895,004. 12.52% of the stock is owned by corporate insiders.

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.