Nuvalent (NASDAQ:NUVL) Issues Earnings Results

Nuvalent (NASDAQ:NUVL) released its quarterly earnings data on Tuesday. The company reported ($1.28) earnings per share 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 business earned ($0.59) earnings per share.

Nuvalent Stock Performance

Shares of NUVL stock opened at $90.18 on Friday. The firm’s 50 day moving average price is $97.27 and its two-hundred day moving average price is $82.94. Nuvalent has a 52-week low of $56.52 and a 52-week high of $113.51. The stock has a market cap of $5.84 billion, a PE ratio of -25.99 and a beta of 1.33.

Insider Buying and Selling at Nuvalent

In related news, insider Henry E. Pelish sold 10,500 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $85.08, for a total transaction of $893,340.00. Following the completion of the transaction, the insider now owns 66,095 shares in the company, valued at approximately $5,623,362.60. The trade was a 13.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $84.46, for a total transaction of $168,920.00. Following the completion of the sale, the director now directly owns 228,522 shares of the company’s stock, valued at $19,300,968.12. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,122,629 shares of company stock worth $207,180,508. Insiders own 12.52% of the company’s stock.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several recent analyst reports. UBS Group began coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. BMO Capital Markets increased their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research report on Wednesday. Barclays began coverage on shares of Nuvalent in a research report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target on the stock. Finally, Stifel Nicolaus increased their price target on Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average 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.