Wedbush Analysts Decrease Earnings Estimates for Nuvalent

Nuvalent, Inc. (NASDAQ:NUVL) – Equities research analysts at Wedbush reduced their FY2024 EPS estimates for shares of Nuvalent in a research report issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings of ($3.78) per share for the year, down from their prior estimate of ($3.45). Wedbush has a “Outperform” rating and a $115.00 price objective on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.58) per share. Wedbush also issued estimates for Nuvalent’s Q4 2024 earnings at ($0.91) EPS, Q1 2025 earnings at ($0.98) EPS, Q2 2025 earnings at ($1.04) EPS, Q3 2025 earnings at ($1.08) EPS, Q4 2025 earnings at ($1.14) EPS, FY2025 earnings at ($4.23) EPS, FY2026 earnings at ($4.55) EPS and FY2027 earnings at ($2.37) EPS.

Several other equities research analysts have also recently weighed in on NUVL. UBS Group initiated coverage on shares of Nuvalent in a research report on Thursday, October 24th. They issued a “neutral” rating and a $100.00 price target on the stock. Barclays initiated coverage on shares of Nuvalent in a report on Thursday, August 29th. They issued an “overweight” rating and a $100.00 price target for the company. The Goldman Sachs Group upgraded Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. BMO Capital Markets lifted their target price on Nuvalent from $132.00 to $134.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Lifesci Capital upgraded Nuvalent to a “strong-buy” rating in a report on Monday, July 29th. 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 issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $112.60.

Nuvalent Price Performance

Shares of NUVL opened at $86.88 on Friday. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of -25.04 and a beta of 1.33. Nuvalent has a 1 year low of $56.52 and a 1 year high of $113.51. The business’s 50 day simple moving average is $97.28 and its 200-day simple moving average is $83.08.

Nuvalent (NASDAQ:NUVL) last posted its earnings results on Tuesday, November 12th. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.93) by ($0.35). During the same period in the prior year, the firm posted ($0.59) earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Edgestream Partners L.P. bought a new stake in Nuvalent during the second quarter valued at about $1,191,000. Seven Eight Capital LP purchased a new position in shares of Nuvalent in the 1st quarter worth approximately $1,172,000. Vanguard Group Inc. raised its stake in shares of Nuvalent by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 3,412,072 shares of the company’s stock worth $256,212,000 after acquiring an additional 72,222 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Nuvalent by 80.5% during the second quarter. Dimensional Fund Advisors LP now owns 348,089 shares of the company’s stock valued at $26,409,000 after acquiring an additional 155,276 shares during the last quarter. Finally, Samlyn Capital LLC purchased a new position in Nuvalent in the second quarter worth $17,397,000. 97.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Nuvalent

In related news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $97.75, for a total value of $195,500,000.00. Following the completion of the sale, the director now directly owns 8,670,512 shares of the company’s stock, valued at $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Henry E. Pelish sold 10,500 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $85.08, for a total transaction of $893,340.00. Following the transaction, the insider now directly owns 66,095 shares in the company, valued at $5,623,362.60. This trade represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,122,629 shares of company stock valued at $207,180,508 in the last three months. Company insiders own 12.52% of the company’s stock.

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.