Nuvalent (NASDAQ:NUVL) Posts Quarterly Earnings Results

Nuvalent (NASDAQ:NUVL) posted its quarterly earnings results on Thursday. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.12), Briefing.com reports. During the same period in the previous year, the firm earned ($0.51) EPS.

Nuvalent Price Performance

NASDAQ:NUVL traded down $0.25 during trading hours on Friday, hitting $69.99. The company had a trading volume of 482,045 shares, compared to its average volume of 410,145. The company has a market capitalization of $4.52 billion, a PE ratio of -29.04 and a beta of 1.28. The stock has a 50-day moving average price of $76.86 and a 200 day moving average price of $75.65. Nuvalent has a 52 week low of $39.86 and a 52 week high of $89.39.

Wall Street Analysts Forecast Growth

Several research firms have commented on NUVL. Jefferies Financial Group started coverage on shares of Nuvalent in a research note on Wednesday, April 17th. They set a “buy” rating and a $97.00 price target on the stock. Stifel Nicolaus lifted their target price on shares of Nuvalent from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Wedbush reaffirmed an “outperform” rating and issued a $99.00 target price on shares of Nuvalent in a research note on Thursday. Finally, Lifesci Capital raised shares of Nuvalent to a “strong-buy” rating in a research note on Monday, July 29th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Nuvalent currently has an average rating of “Buy” and a consensus price target of $103.13.

Insider Activity at Nuvalent

In related news, Director Matthew Shair sold 2,000 shares of Nuvalent stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $67.22, for a total value of $134,440.00. Following the sale, the director now owns 234,522 shares in the company, valued at $15,764,568.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Matthew Shair sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $67.22, for a total value of $134,440.00. Following the sale, the director now directly owns 234,522 shares of the company’s stock, valued at approximately $15,764,568.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alexandra Balcom sold 10,000 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $75.43, for a total transaction of $754,300.00. Following the completion of the sale, the chief financial officer now directly owns 33,300 shares in the company, valued at $2,511,819. The disclosure for this sale can be found here. Insiders have sold a total of 95,500 shares of company stock worth $6,934,650 over the last quarter. 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.