FY2024 EPS Estimates for Nuvalent, Inc. Lowered by Leerink Partnrs (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL) – Equities research analysts at Leerink Partnrs reduced their FY2024 earnings per share estimates for Nuvalent in a research report issued on Wednesday, July 24th. Leerink Partnrs analyst A. Berens now expects that the company will post earnings per share of ($3.24) for the year, down from their prior estimate of ($3.23). The consensus estimate for Nuvalent’s current full-year earnings is ($3.06) per share. Leerink Partnrs also issued estimates for Nuvalent’s FY2026 earnings at ($4.54) EPS and FY2027 earnings at ($4.44) EPS.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.67) by ($0.02).

Several other research analysts also recently weighed in on the company. Stifel Nicolaus increased their price target on Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Wedbush reissued an “outperform” rating and issued a $99.00 price target on shares of Nuvalent in a research report on Monday, July 22nd. Finally, Jefferies Financial Group initiated coverage on shares of Nuvalent in a report on Wednesday, April 17th. They issued a “buy” rating and a $97.00 price objective for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $96.33.

Nuvalent Stock Down 1.5 %

Nuvalent stock opened at $77.90 on Monday. The firm has a 50 day moving average price of $76.01 and a 200-day moving average price of $75.81. Nuvalent has a twelve month low of $39.86 and a twelve month high of $89.39. The company has a market capitalization of $5.03 billion, a P/E ratio of -32.32 and a beta of 1.28.

Institutional Trading of Nuvalent

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Nuvalent by 0.7% during the third quarter. Vanguard Group Inc. now owns 2,134,182 shares of the company’s stock valued at $98,108,000 after buying an additional 15,722 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Nuvalent by 398.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 6,619 shares of the company’s stock worth $487,000 after purchasing an additional 5,292 shares during the period. Arizona State Retirement System increased its stake in Nuvalent by 22.4% in the 4th quarter. Arizona State Retirement System now owns 7,164 shares of the company’s stock worth $527,000 after purchasing an additional 1,312 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in Nuvalent by 19.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,796 shares of the company’s stock valued at $1,310,000 after purchasing an additional 2,930 shares during the last quarter. Finally, Strs Ohio boosted its stake in shares of Nuvalent by 82.1% during the fourth quarter. Strs Ohio now owns 7,100 shares of the company’s stock valued at $522,000 after purchasing an additional 3,200 shares during the period. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Insider Buying and Selling

In related news, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $67.22, for a total transaction of $134,440.00. Following the completion of the transaction, the director now directly owns 234,522 shares in the company, valued at $15,764,568.84. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $67.22, for a total value of $134,440.00. Following the completion of the transaction, the director now directly owns 234,522 shares in the company, valued at $15,764,568.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Emily Conley sold 5,000 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $77.56, for a total value of $387,800.00. Following the completion of the transaction, the director now directly owns 2,507 shares in the company, valued at approximately $194,442.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 116,000 shares of company stock worth $8,209,640. Corporate insiders own 12.52% of the company’s stock.

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.