Nuvalent (NASDAQ:NUVL) Releases Quarterly Earnings Results, Misses Estimates By $0.35 EPS

Nuvalent (NASDAQ:NUVL) posted its quarterly earnings results on Tuesday. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($0.93) by ($0.35), Briefing.com reports. During the same period in the previous year, the firm earned ($0.59) EPS.

Nuvalent Stock Performance

Shares of NUVL stock opened at $90.34 on Thursday. The stock has a market capitalization of $5.85 billion, a P/E ratio of -26.03 and a beta of 1.33. The company has a 50 day moving average price of $97.16 and a 200 day moving average price of $82.89. Nuvalent has a fifty-two week low of $56.52 and a fifty-two week high of $113.51.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NUVL. JPMorgan Chase & Co. lifted their target price on shares of Nuvalent from $100.00 to $125.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. UBS Group began coverage on shares of Nuvalent in a research note on Thursday, October 24th. They set a “neutral” rating and a $100.00 target price on the stock. Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. The Goldman Sachs Group raised shares of Nuvalent to a “strong sell” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus lifted their price target on shares of Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $112.60.

Insider Activity at Nuvalent

In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at approximately $19,240,197.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO James Richard Porter sold 27,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $102.28, for a total value of $2,761,560.00. Following the completion of the transaction, the chief executive officer now owns 188,113 shares in the company, valued at approximately $19,240,197.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Flynn sold 2,000,000 shares of Nuvalent stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the completion of the transaction, the director now owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,122,629 shares of company stock worth $207,180,508. 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.