Leerink Partnrs Decreases Earnings Estimates for Nuvalent

Nuvalent, Inc. (NASDAQ:NUVL) – Leerink Partnrs decreased their FY2024 earnings per share estimates for shares of Nuvalent in a report released on Tuesday, November 12th. Leerink Partnrs analyst A. Berens now expects that the company will post earnings per share of ($4.16) for the year, down from their previous estimate 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 quarterly 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 in the previous year, the firm earned ($0.59) EPS.

NUVL has been the topic of several other reports. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. BMO Capital Markets increased their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday. UBS Group initiated coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 price target for the company. Wedbush reiterated an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a research note on Tuesday, November 12th. Finally, Stifel Nicolaus raised their price objective on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has given 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 price target of $112.60.

Nuvalent Trading Down 3.7 %

Shares of NUVL stock opened at $86.88 on Friday. Nuvalent has a 12-month low of $56.52 and a 12-month high of $113.51. The stock has a market capitalization of $5.63 billion, a P/E ratio of -25.04 and a beta of 1.33. The firm’s 50 day moving average is $97.28 and its 200 day moving average is $83.17.

Insiders Place Their Bets

In related news, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the sale, the director now owns 8,670,512 shares in the company, valued at approximately $847,542,548. This trade represents a 18.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alexandra Balcom sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $89.19, for a total value of $891,900.00. Following the completion of the transaction, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,970,027. This represents a 23.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,122,629 shares of company stock worth $207,180,508 over the last three months. 12.52% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuvalent

Several institutional investors and hedge funds have recently modified their holdings of NUVL. Allspring Global Investments Holdings LLC boosted its position in shares of Nuvalent by 9.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after acquiring an additional 189 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Nuvalent during the 1st quarter valued at about $121,000. Swiss National Bank grew its position in shares of Nuvalent by 0.8% during the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after purchasing an additional 400 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Nuvalent by 5.7% in the first quarter. Sei Investments Co. now owns 31,062 shares of the company’s stock worth $2,337,000 after purchasing an additional 1,681 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Nuvalent by 10.3% in the first quarter. ProShare Advisors LLC now owns 8,884 shares of the company’s stock worth $667,000 after purchasing an additional 830 shares during the last quarter. Institutional investors own 97.26% of the company’s stock.

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.