Nuvalent, Inc. Expected to Earn Q2 2024 Earnings of ($0.80) Per Share (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL - Free Report) - Investment analysts at Leerink Partnrs issued their Q2 2024 EPS estimates for Nuvalent in a research note issued to investors on Monday, April 1st. Leerink Partnrs analyst A. Berens expects that the company will post earnings of ($0.80) per share for the quarter. Leerink Partnrs currently has a "Outperform" rating on the stock. The consensus estimate for Nuvalent's current full-year earnings is ($2.96) per share. Leerink Partnrs also issued estimates for Nuvalent's Q3 2024 earnings at ($0.82) EPS and Q4 2024 earnings at ($0.84) EPS.

Nuvalent (NASDAQ:NUVL - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.02).

Several other research firms also recently weighed in on NUVL. JPMorgan Chase & Co. upped their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the stock an "overweight" rating in a report on Wednesday, March 6th. Robert W. Baird assumed coverage on shares of Nuvalent in a report on Friday, February 23rd. They issued an "outperform" rating and a $105.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and issued a $99.00 price objective on shares of Nuvalent in a report on Tuesday, February 27th. BMO Capital Markets upped their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the stock an "outperform" rating in a report on Wednesday, February 28th. Finally, Guggenheim began coverage on shares of Nuvalent in a report on Wednesday, February 28th. They issued a "buy" rating and a $99.00 price target for the company. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, Nuvalent has a consensus rating of "Moderate Buy" and an average price target of $90.00.

Nuvalent Trading Down 4.8 %

NUVL stock traded down $3.67 during trading on Tuesday, hitting $73.42. The company had a trading volume of 585,908 shares, compared to its average volume of 385,506. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of -35.69 and a beta of 1.30. The business has a 50 day moving average of $81.07 and a 200 day moving average of $68.76. Nuvalent has a fifty-two week low of $23.09 and a fifty-two week high of $89.39.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director Andrew A. F. Hack sold 880,000 shares of the company's stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total value of $64,037,600.00. Following the completion of the sale, the director now directly owns 2,697,267 shares of the company's stock, valued at approximately $196,280,119.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Nuvalent news, insider Darlene Noci sold 20,000 shares of the business's stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the sale, the insider now owns 33,300 shares in the company, valued at approximately $2,581,083. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew A. F. Hack sold 880,000 shares of the business's stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $72.77, for a total value of $64,037,600.00. Following the sale, the director now owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The disclosure for this sale can be found here. In the last three months, insiders sold 959,500 shares of company stock valued at $70,121,075. 14.77% of the stock is owned by insiders.

Institutional Trading of Nuvalent

Institutional investors and hedge funds have recently bought and sold shares of the stock. Tower Research Capital LLC TRC raised its holdings in Nuvalent by 41.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company's stock worth $30,000 after buying an additional 187 shares during the period. Amundi acquired a new position in shares of Nuvalent in the 4th quarter valued at about $34,000. KBC Group NV acquired a new position in shares of Nuvalent in the 4th quarter valued at about $52,000. China Universal Asset Management Co. Ltd. increased its holdings in shares of Nuvalent by 97.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,327 shares of the company's stock valued at $61,000 after purchasing an additional 654 shares during the period. Finally, Compass Wealth Management LLC acquired a new position in shares of Nuvalent in the 4th quarter valued at about $63,000. Institutional investors and hedge funds own 97.26% of the company's stock.

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.