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

Nuvalent (NASDAQ:NUVL) issued its quarterly earnings data on Tuesday. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.93) by ($0.35), Briefing.com reports. During the same quarter last year, the business posted ($0.59) earnings per share.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $90.18 on Friday. The stock has a 50 day moving average price of $97.27 and a 200 day moving average price of $82.94. The stock has a market capitalization of $5.84 billion, a PE ratio of -25.99 and a beta of 1.33. Nuvalent has a 52 week low of $56.52 and a 52 week high of $113.51.

Analysts Set New Price Targets

A number of research analysts have weighed in on NUVL shares. Guggenheim lifted their price target 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. Barclays initiated coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price objective on the stock. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus upped their price objective on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One equities 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $112.60.

Insiders Place Their Bets

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $84.46, for a total transaction of $168,920.00. Following the completion of the transaction, the director now owns 228,522 shares in the company, valued at approximately $19,300,968.12. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s 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 completion of the sale, the chief financial officer now owns 33,300 shares in the company, valued at $2,970,027. This represents a 23.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,122,629 shares of company stock valued at $207,180,508 in the last 90 days. 12.52% of the stock is currently owned by 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.