Nuvalent (NASDAQ:NUVL) Posts Quarterly Earnings Results, Misses Estimates By $0.32 EPS

Nuvalent (NASDAQ:NUVL) announced its quarterly earnings data on Tuesday. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.32), Briefing.com reports. During the same quarter last year, the company posted ($1.28) earnings per share.

Nuvalent Stock Performance

Shares of NASDAQ:NUVL opened at $98.48 on Wednesday. The firm has a market capitalization of $7.16 billion, a PE ratio of -18.45 and a beta of 1.31. Nuvalent has a 52-week low of $55.53 and a 52-week high of $104.90. The firm has a fifty day moving average of $87.07 and a 200 day moving average of $80.41.

Insider Transactions at Nuvalent

In related news, insider Deborah Ann Miller sold 21,800 shares of the stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $103.16, for a total transaction of $2,248,888.00. Following the transaction, the insider owned 49,086 shares of the company’s stock, valued at approximately $5,063,711.76. This trade represents a 30.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Alexandra Balcom sold 20,000 shares of the business’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $88.51, for a total transaction of $1,770,200.00. Following the completion of the sale, the chief financial officer directly owned 61,734 shares of the company’s stock, valued at $5,464,076.34. This represents a 24.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 273,071 shares of company stock worth $24,625,356. Company insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Nuvalent

Several institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE increased its stake in Nuvalent by 10.0% in the 3rd quarter. US Bancorp DE now owns 2,070 shares of the company’s stock worth $179,000 after purchasing an additional 188 shares during the period. Headlands Technologies LLC purchased a new stake in Nuvalent during the 2nd quarter valued at $329,000. Tower Research Capital LLC TRC grew its holdings in Nuvalent by 23.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the company’s stock worth $240,000 after acquiring an additional 588 shares during the last quarter. E Fund Management Co. Ltd. increased its position in shares of Nuvalent by 12.9% in the second quarter. E Fund Management Co. Ltd. now owns 5,401 shares of the company’s stock valued at $412,000 after acquiring an additional 616 shares during the period. Finally, BNP Paribas Financial Markets increased its position in shares of Nuvalent by 130.7% in the second quarter. BNP Paribas Financial Markets now owns 135,613 shares of the company’s stock valued at $10,347,000 after acquiring an additional 76,834 shares during the period. 97.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NUVL has been the subject of several recent research reports. Guggenheim initiated coverage on shares of Nuvalent in a research note on Thursday, September 4th. They issued a “buy” rating and a $122.00 target price for the company. Canaccord Genuity Group assumed coverage on shares of Nuvalent in a report on Wednesday. They issued a “buy” rating and a $126.00 price objective for the company. Raymond James Financial assumed coverage on Nuvalent in a research report on Tuesday, September 2nd. They set an “outperform” rating and a $105.00 target price on the stock. Cantor Fitzgerald began coverage on Nuvalent in a research report on Wednesday, October 15th. They issued an “overweight” rating and a $135.00 price target for the company. Finally, Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Monday, September 8th. Fourteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average price target of $123.29.

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.