Nuvalent (NASDAQ:NUVL) Releases Earnings Results

Nuvalent (NASDAQ:NUVL) issued 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 Trading Down 2.8 %

Nuvalent stock opened at $74.91 on Friday. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of -21.59 and a beta of 1.38. The company’s 50-day moving average price is $80.56 and its two-hundred day moving average price is $88.25. Nuvalent has a 52 week low of $61.79 and a 52 week high of $113.51.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. BMO Capital Markets increased their target price on shares of Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and issued a $115.00 price objective on shares of Nuvalent in a report on Monday, January 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Nuvalent in a report on Friday, January 17th. 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. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $113.10.

Insider Buying and Selling at Nuvalent

In other news, Director Matthew Shair sold 2,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $78.43, for a total transaction of $156,860.00. Following the completion of the transaction, the director now owns 216,522 shares in the company, valued at approximately $16,981,820.46. This trade represents a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO James Richard Porter sold 27,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 188,113 shares of the company’s stock, valued at approximately $16,292,466.93. This trade represents a 12.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,800 shares of company stock valued at $8,895,004. Company 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.