HC Wainwright Weighs in on Nuvalent FY2024 Earnings

Nuvalent, Inc. (NASDAQ:NUVL) – HC Wainwright issued their FY2024 EPS estimates for shares of Nuvalent in a note issued to investors on Monday, December 30th. HC Wainwright analyst S. Ramakanth expects that the company will post earnings of ($3.96) per share for the year. HC Wainwright has a “Buy” rating and a $110.00 price target on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.84) per share. HC Wainwright also issued estimates for Nuvalent’s Q4 2024 earnings at ($1.10) EPS, Q1 2025 earnings at ($1.08) EPS, Q2 2025 earnings at ($1.05) EPS, Q3 2025 earnings at ($1.02) EPS, Q4 2025 earnings at ($1.00) EPS, FY2025 earnings at ($4.16) EPS, FY2026 earnings at ($2.88) EPS, FY2027 earnings at ($0.55) EPS and FY2028 earnings at $1.88 EPS.

Nuvalent (NASDAQ:NUVL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35). During the same quarter in the previous year, the firm earned ($0.59) EPS.

A number of other research analysts have also recently weighed in on NUVL. Stifel Nicolaus lifted their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Guggenheim lifted their price target on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a report on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. UBS Group assumed coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. Finally, BMO Capital Markets upped their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Nuvalent has a consensus rating of “Moderate Buy” and a consensus price target of $112.36.

Nuvalent Stock Up 2.2 %

NASDAQ NUVL opened at $79.99 on Wednesday. The firm has a market capitalization of $5.68 billion, a P/E ratio of -23.05 and a beta of 1.31. The company has a 50-day moving average price of $89.85 and a 200-day moving average price of $87.30. Nuvalent has a 52 week low of $61.79 and a 52 week high of $113.51.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its position in shares of Nuvalent by 8.9% in the third quarter. FMR LLC now owns 9,654,352 shares of the company’s stock valued at $987,640,000 after purchasing an additional 786,257 shares in the last quarter. Wellington Management Group LLP grew its holdings in Nuvalent by 65.5% in the 3rd quarter. Wellington Management Group LLP now owns 1,011,837 shares of the company’s stock valued at $103,511,000 after buying an additional 400,402 shares in the last quarter. Samlyn Capital LLC acquired a new stake in shares of Nuvalent in the 2nd quarter worth $17,397,000. Logos Global Management LP purchased a new position in shares of Nuvalent during the 2nd quarter worth $14,793,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Nuvalent by 80.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $91.73, for a total value of $183,460.00. Following the sale, the director now owns 224,522 shares in the company, valued at $20,595,403.06. This represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of the stock in a transaction on 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 $847,542,548. The trade was a 18.74 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,070,000 shares of company stock worth $202,035,390. Corporate insiders own 12.52% 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.