Nuvalent (NASDAQ:NUVL) Posts Earnings Results

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 Stock Performance

Nuvalent stock traded down $2.13 during mid-day trading on Thursday, hitting $74.91. The company’s stock had a trading volume of 379,642 shares, compared to its average volume of 463,796. Nuvalent has a one year low of $61.79 and a one year high of $113.51. The stock has a market cap of $5.32 billion, a PE ratio of -21.59 and a beta of 1.38. The company has a 50 day moving average of $80.75 and a 200-day moving average of $88.35.

Analysts Set New Price Targets

Several research firms recently commented on NUVL. Wedbush reiterated an “outperform” rating and issued a $115.00 price target on shares of Nuvalent in a research 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 boosted their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. One investment 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $113.10.

Insider Transactions at Nuvalent

In other news, insider Henry E. Pelish sold 2,483 shares of Nuvalent stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $79.68, for a total transaction of $197,845.44. Following the completion of the sale, the insider now owns 59,981 shares of the company’s stock, valued at approximately $4,779,286.08. The trade was a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $78.43, for a total value of $156,860.00. Following the completion of the transaction, the director now directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,800 shares of company stock worth $8,895,004. 12.52% of the stock is currently owned by insiders.

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.