Leerink Partnrs Reduces Earnings Estimates for Nuvalent

Nuvalent, Inc. (NASDAQ:NUVL) – Equities research analysts at Leerink Partnrs decreased their FY2024 earnings per share (EPS) estimates for Nuvalent in a note issued to investors on Tuesday, November 12th. Leerink Partnrs analyst A. Berens now anticipates that the company will post earnings of ($4.16) per share for the year, down from their previous forecast of ($3.97). The consensus estimate for Nuvalent’s current full-year earnings is ($3.58) per share. Leerink Partnrs also issued estimates for Nuvalent’s Q4 2024 earnings at ($1.28) EPS, FY2025 earnings at ($5.51) EPS, FY2026 earnings at ($6.28) EPS and FY2027 earnings at ($4.97) EPS.

Nuvalent (NASDAQ:NUVL) last announced its earnings results on Tuesday, November 12th. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same period last year, the firm earned ($0.59) earnings per share.

A number of other brokerages have also recently commented on NUVL. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a report on Monday, September 16th. Stifel Nicolaus raised their target price on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Barclays started coverage on Nuvalent in a report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Finally, Guggenheim lifted 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.60.

Nuvalent Stock Down 0.2 %

Shares of NASDAQ:NUVL opened at $90.18 on Friday. The stock has a market capitalization of $5.84 billion, a PE ratio of -25.99 and a beta of 1.33. The firm’s 50 day moving average price is $97.27 and its 200-day moving average price is $82.94. Nuvalent has a twelve month low of $56.52 and a twelve month high of $113.51.

Institutional Trading of Nuvalent

Hedge funds have recently modified their holdings of the company. Darwin Global Management Ltd. grew its holdings in shares of Nuvalent by 2,390.5% in the first quarter. Darwin Global Management Ltd. now owns 1,436,964 shares of the company’s stock valued at $107,902,000 after purchasing an additional 1,379,266 shares in the last quarter. FMR LLC grew its stake in shares of Nuvalent by 8.9% in the 3rd quarter. FMR LLC now owns 9,654,352 shares of the company’s stock worth $987,640,000 after buying an additional 786,257 shares in the last quarter. Samlyn Capital LLC bought a new stake in shares of Nuvalent in the 2nd quarter worth about $17,397,000. Logos Global Management LP purchased a new stake in shares of Nuvalent during the 2nd quarter valued at about $14,793,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Nuvalent by 80.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO James Richard Porter sold 27,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $102.28, for a total value of $2,761,560.00. Following the sale, the chief executive officer now directly owns 188,113 shares in the company, valued at approximately $19,240,197.64. The trade was a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $89.19, for a total value of $891,900.00. Following the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,970,027. The trade was a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,122,629 shares of company stock worth $207,180,508 in the last three months. 12.52% of the stock is 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.