Nuvalent (NASDAQ:NUVL) Posts Earnings Results, Misses Estimates By $0.35 EPS

Nuvalent (NASDAQ:NUVL) released its earnings results on Tuesday. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35), Briefing.com reports. During the same quarter in the prior year, the firm posted ($0.59) earnings per share.

Nuvalent Stock Performance

Nuvalent stock opened at $90.99 on Wednesday. The stock has a market cap of $5.90 billion, a PE ratio of -32.73 and a beta of 1.33. Nuvalent has a one year low of $55.33 and a one year high of $113.51. The stock has a fifty day moving average of $97.05 and a 200 day moving average of $82.84.

Insider Activity at Nuvalent

In related news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares in the company, valued at approximately $847,542,548. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Nuvalent news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares in the company, valued at $847,542,548. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $102.75, for a total value of $205,500.00. Following the completion of the sale, the director now owns 226,522 shares of the company’s stock, valued at approximately $23,275,135.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

NUVL has been the subject of a number of research analyst reports. Stifel Nicolaus raised their target price on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. BMO Capital Markets raised their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays assumed coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. JPMorgan Chase & Co. boosted 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. Finally, Wedbush reissued an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and an average target price of $112.60.

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.