Nuvalent (NASDAQ:NUVL) Posts Earnings Results, Misses Estimates By $0.35 EPS

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 period in the previous year, the company earned ($0.59) earnings per share.

Nuvalent Stock Performance

Shares of NASDAQ NUVL opened at $90.99 on Wednesday. The business’s 50 day moving average price is $97.05 and its 200-day moving average price is $82.84. Nuvalent has a fifty-two week low of $55.33 and a fifty-two week high of $113.51. The company has a market cap of $5.90 billion, a price-to-earnings ratio of -32.73 and a beta of 1.33.

Insider Transactions at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $84.23, for a total value of $842,300.00. Following the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,804,859. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Alexandra Balcom sold 10,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $84.23, for a total value of $842,300.00. Following the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at approximately $2,804,859. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $84.46, for a total value of $168,920.00. Following the completion of the sale, the director now owns 228,522 shares in the company, valued at approximately $19,300,968.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Lifesci Capital raised Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Barclays initiated coverage on Nuvalent in a research note on Thursday, August 29th. They set an “overweight” rating and a $100.00 price target for the company. JPMorgan Chase & Co. increased their price target on Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Stifel Nicolaus increased their price target on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, The Goldman Sachs Group raised Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.