Leerink Partnrs Comments on Nuvalent, Inc.'s Q1 2024 Earnings (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL - Free Report) - Research analysts at Leerink Partnrs issued their Q1 2024 EPS estimates for Nuvalent in a research note issued to investors on Monday, April 1st. Leerink Partnrs analyst A. Berens forecasts that the company will earn ($0.79) 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 FY2024 earnings at ($3.24) EPS, FY2025 earnings at ($4.08) EPS, FY2026 earnings at ($4.37) EPS and FY2027 earnings at ($4.13) EPS.

Nuvalent (NASDAQ:NUVL - Get Free Report) last announced its earnings results 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).

A number of other research analysts also recently commented on the stock. Robert W. Baird started coverage on shares of Nuvalent in a research note on Friday, February 23rd. They set an "outperform" rating and a $105.00 price objective on the stock. SVB Leerink upgraded shares of Nuvalent from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $69.00 to $110.00 in a research note on Monday. BMO Capital Markets increased their price objective on shares of Nuvalent from $93.00 to $102.00 and gave the company an "outperform" rating in a research note on Wednesday, February 28th. Wedbush reiterated an "outperform" rating and set a $99.00 price objective on shares of Nuvalent in a research note on Tuesday, February 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Nuvalent from $68.00 to $98.00 and gave the company an "overweight" rating in a research note on Wednesday, March 6th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $90.00.

Nuvalent Stock Performance

Shares of NUVL stock traded up $0.58 on Wednesday, hitting $74.00. The stock had a trading volume of 451,959 shares, compared to its average volume of 386,545. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of -34.26 and a beta of 1.29. The stock's 50 day moving average is $80.95 and its 200-day moving average is $68.98. Nuvalent has a 52-week low of $23.09 and a 52-week high of $89.39.

Insider Buying and Selling

In related news, Director Andrew A. F. Hack sold 880,000 shares of the 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 sale, the director now owns 2,697,267 shares of the company's stock, valued at approximately $196,280,119.59. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Nuvalent news, Director Matthew Shair sold 37,500 shares of the firm's stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $76.77, for a total transaction of $2,878,875.00. Following the transaction, the director now owns 1,687,198 shares of the company's stock, valued at approximately $129,526,190.46. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew A. F. Hack sold 880,000 shares of the firm's stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $72.77, for a total transaction of $64,037,600.00. Following the transaction, the director now directly owns 2,697,267 shares in the company, valued at approximately $196,280,119.59. The disclosure for this sale can be found here. Insiders have sold a total of 997,000 shares of company stock valued at $73,005,575 in the last quarter. Company insiders own 14.77% of the company's stock.

Hedge Funds Weigh In On Nuvalent

Several large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in Nuvalent by 1.4% during the 4th quarter. Principal Financial Group Inc. now owns 9,774 shares of the company's stock valued at $719,000 after buying an additional 139 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Nuvalent by 41.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 643 shares of the company's stock worth $30,000 after purchasing an additional 187 shares during the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Nuvalent by 3.1% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 7,020 shares of the company's stock worth $323,000 after purchasing an additional 210 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Nuvalent by 4.8% in the 3rd quarter. Teacher Retirement System of Texas now owns 5,846 shares of the company's stock worth $269,000 after purchasing an additional 269 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of Nuvalent by 8.1% in the 4th quarter. Amalgamated Bank now owns 3,815 shares of the company's stock worth $281,000 after purchasing an additional 285 shares during the last quarter. 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.