Wedbush Estimates Nuvalent’s FY2024 Earnings (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVL) – Investment analysts at Wedbush cut their FY2024 earnings per share estimates for shares of Nuvalent in a research note issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now expects that the company will earn ($3.78) per share for the year, down from their prior estimate of ($3.45). Wedbush currently has a “Outperform” rating and a $115.00 target price on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.58) per share. Wedbush also issued estimates for Nuvalent’s Q4 2024 earnings at ($0.91) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.08) EPS, Q4 2025 earnings at ($1.14) EPS, FY2025 earnings at ($4.23) EPS, FY2026 earnings at ($4.55) EPS and FY2027 earnings at ($2.37) EPS.

Nuvalent (NASDAQ:NUVL) last posted 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 period last year, the company earned ($0.59) EPS.

Other research analysts have also recently issued reports about the stock. BMO Capital Markets lifted their price objective on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday. Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Barclays initiated coverage on Nuvalent in a research report on Thursday, August 29th. They set an “overweight” rating and a $100.00 price objective for the company. Guggenheim lifted their target price on Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, UBS Group assumed coverage on Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Nuvalent Trading Down 3.7 %

Shares of NASDAQ:NUVL opened at $86.88 on Friday. The stock has a market capitalization of $5.63 billion, a PE ratio of -25.04 and a beta of 1.33. The firm has a 50 day moving average of $97.28 and a 200-day moving average of $83.17. Nuvalent has a 12 month low of $56.52 and a 12 month high of $113.51.

Insider Activity

In other Nuvalent news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00. Following the transaction, the chief financial officer now directly owns 33,300 shares of the company’s stock, valued at approximately $2,804,859. The trade was a 23.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Henry E. Pelish sold 10,500 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.08, for a total value of $893,340.00. Following the completion of the sale, the insider now directly owns 66,095 shares of the company’s stock, valued at approximately $5,623,362.60. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,122,629 shares of company stock valued at $207,180,508 over the last quarter. 12.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvalent

A number of hedge funds and other institutional investors have recently made changes to their positions in NUVL. Allspring Global Investments Holdings LLC raised its holdings in Nuvalent by 9.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,235 shares of the company’s stock worth $168,000 after purchasing an additional 189 shares during the last quarter. Amalgamated Bank raised its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after buying an additional 198 shares during the last quarter. HighVista Strategies LLC raised its stake in Nuvalent by 1.1% during the third quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after buying an additional 320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after buying an additional 382 shares during the period. Finally, Swiss National Bank boosted its position in Nuvalent by 0.8% during the first quarter. Swiss National Bank now owns 50,900 shares of the company’s stock valued at $3,822,000 after acquiring an additional 400 shares during the last quarter. 97.26% of the stock is owned by institutional investors and hedge funds.

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.