Wedbush Predicts Nuvalent’s FY2024 Earnings (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL) – Investment analysts at Wedbush lowered their FY2024 earnings estimates for Nuvalent in a research note issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings per share of ($3.78) for the year, down from their prior estimate of ($3.45). Wedbush has a “Outperform” rating and a $115.00 price target on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.58) per share. Wedbush also issued estimates for Nuvalent’s Q4 2024 earnings at ($0.91) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.08) EPS, Q4 2025 earnings at ($1.14) EPS, FY2025 earnings at ($4.23) EPS, FY2026 earnings at ($4.55) EPS and FY2027 earnings at ($2.37) EPS.

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

Several other research firms have also recently weighed in on NUVL. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. BMO Capital Markets boosted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a research note on Wednesday. Barclays initiated coverage on shares of Nuvalent in a research note on Thursday, August 29th. They issued an “overweight” rating and a $100.00 target price for the company. JPMorgan Chase & Co. lifted their price target on Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, October 4th. Finally, Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Stock Down 0.2 %

NASDAQ:NUVL opened at $90.18 on Friday. Nuvalent has a twelve month low of $56.52 and a twelve month high of $113.51. The stock’s 50 day moving average price is $97.27 and its two-hundred day moving average price is $82.94.

Insider Transactions at Nuvalent

In other Nuvalent news, Director James E. Flynn sold 2,000,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were 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 of the company’s stock, valued at $847,542,548. The trade was a 18.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Alexandra Balcom sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00. Following the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,804,859. This represents a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,122,629 shares of company stock worth $207,180,508. Company insiders own 12.52% of the company’s stock.

Institutional Investors Weigh In On Nuvalent

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in Nuvalent by 9.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock valued at $168,000 after acquiring an additional 189 shares in the last quarter. Amalgamated Bank increased its position in shares of Nuvalent by 21.8% in the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares in the last quarter. Swiss National Bank lifted its position in Nuvalent by 0.8% during the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock worth $3,822,000 after purchasing an additional 400 shares during the period. Finally, Quest Partners LLC bought a new stake in Nuvalent during the second quarter worth about $44,000. 97.26% of the stock is currently owned by institutional investors.

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.