Nuvalent (NASDAQ:NUVL) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Nuvalent (NASDAQ:NUVL) announced its earnings results on Thursday. The company reported ($1.05) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.02), Zacks reports.

Nuvalent Price Performance

NASDAQ NUVL traded down $2.13 on Thursday, hitting $74.91. 379,642 shares of the stock were exchanged, compared to its average volume of 463,796. The company’s 50-day moving average price is $80.75 and its two-hundred day moving average price is $88.35. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51. The company has a market capitalization of $5.32 billion, a price-to-earnings ratio of -21.59 and a beta of 1.38.

Insider Activity

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Monday, February 24th. The shares were sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the sale, the director now owns 216,522 shares of the company’s stock, valued at approximately $16,981,820.46. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction on Monday, December 16th. The shares were sold at an average price of $86.61, for a total transaction of $2,338,470.00. Following the completion of the sale, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. The trade was a 12.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,800 shares of company stock worth $8,895,004 in the last ninety days. Corporate insiders own 12.52% of the company’s stock.

Wall Street Analysts Forecast Growth

NUVL has been the topic of several recent analyst reports. BMO Capital Markets boosted their target price on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Wedbush restated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research report on Monday, January 13th. Finally, HC Wainwright restated a “buy” rating and issued a $110.00 price target on shares of Nuvalent in a research report on Friday, January 17th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, Nuvalent has an average rating of “Moderate Buy” and a consensus target price of $113.10.

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.