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

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

Nuvalent Price Performance

NASDAQ NUVL opened at $74.91 on Friday. The company has a 50 day simple moving average of $80.56 and a 200-day simple moving average of $88.25. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of -21.59 and a beta of 1.38. Nuvalent has a 52-week low of $61.79 and a 52-week high of $113.51.

Insider Transactions at Nuvalent

In other news, CEO James Richard Porter sold 27,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $86.61, for a total value of $2,338,470.00. Following the completion of the sale, the chief executive officer now directly owns 188,113 shares of the company’s stock, valued at $16,292,466.93. This represents a 12.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $83.78, for a total transaction of $167,560.00. Following the completion of the sale, the director now directly owns 220,522 shares of the company’s stock, valued at $18,475,333.16. This trade represents a 0.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,800 shares of company stock valued at $8,895,004 over the last three months. 12.52% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

NUVL has been the subject of several recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $115.00 target price on shares of Nuvalent in a report on Monday, January 13th. HC Wainwright reiterated a “buy” rating and issued a $110.00 target price on shares of Nuvalent in a report on Friday, January 17th. Finally, BMO Capital Markets raised 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. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.10.

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.