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

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

Nuvalent Price Performance

Nuvalent stock traded down $2.13 during trading hours on Thursday, hitting $74.91. 379,642 shares of the stock traded hands, compared to its average volume of 463,796. Nuvalent has a 1 year low of $61.79 and a 1 year high of $113.51. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of -21.59 and a beta of 1.38. The firm’s 50 day moving average price is $80.75 and its 200-day moving average price is $88.35.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NUVL. BMO Capital Markets upped their price target on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Wedbush restated an “outperform” rating and set a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Insider Buying and Selling

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.46, for a total value of $2,118,420.00. Following the sale, the chief executive officer now owns 249,062 shares in the company, valued at $19,541,404.52. This represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the sale, the director now directly owns 216,522 shares in the company, valued at $16,981,820.46. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,800 shares of company stock valued at $8,895,004 over the last quarter. 12.52% of the stock is currently owned by company 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.