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

Nuvalent (NASDAQ:NUVL) posted its earnings results on Thursday. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.02), Zacks reports.

Nuvalent Price Performance

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

Analyst Ratings Changes

NUVL has been the topic of a number of analyst reports. BMO Capital Markets upped their target price on shares of Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush reissued 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 reaffirmed a “buy” rating and set a $110.00 price objective on shares of Nuvalent in a research note on Friday, January 17th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Insider Transactions at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $83.78, for a total value of $167,560.00. Following the transaction, the director now directly owns 220,522 shares in the company, valued at $18,475,333.16. This represents a 0.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $75.99, for a total transaction of $2,051,730.00. Following the completion of the transaction, the chief executive officer now owns 249,062 shares in the company, valued at $18,926,221.38. This represents a 9.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,800 shares of company stock worth $8,895,004. Corporate insiders own 12.52% of the company’s stock.

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.