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

Nuvalent (NASDAQ:NUVL) released 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

Shares of NASDAQ:NUVL opened at $74.98 on Friday. The firm has a market capitalization of $5.33 billion, a PE ratio of -21.61 and a beta of 1.38. The business has a 50-day moving average of $80.38 and a two-hundred day moving average of $88.27. Nuvalent has a 12 month low of $61.79 and a 12 month high of $113.51.

Analysts Set New Price Targets

Several equities analysts recently commented on NUVL shares. BMO Capital Markets upped their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a research note on Monday, January 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Nuvalent currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

Insiders Place Their Bets

In other news, CEO James Richard Porter sold 27,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $75.99, for a total value of $2,051,730.00. Following the completion of the sale, the chief executive officer now owns 249,062 shares of the company’s stock, valued at $18,926,221.38. This represents a 9.78 % 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, CFO Alexandra Balcom sold 4,016 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $79.68, for a total value of $319,994.88. Following the completion of the sale, the chief financial officer now directly owns 61,734 shares of the company’s stock, valued at $4,918,965.12. The trade was a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,800 shares of company stock worth $8,895,004 over the last three months. 12.52% of the stock is owned by insiders.

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.