Nuvalent, Inc. (NASDAQ:NUVL – Free Report) – Stock analysts at Leerink Partnrs raised their FY2023 EPS estimates for shares of Nuvalent in a research report issued to clients and investors on Tuesday, November 14th. Leerink Partnrs analyst C. Liu now expects that the company will post earnings per share of ($2.24) for the year, up from their previous forecast of ($2.32). Leerink Partnrs has a “Market Perform” rating on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($2.16) per share. Leerink Partnrs also issued estimates for Nuvalent’s Q4 2023 earnings at ($0.68) EPS, FY2024 earnings at ($3.36) EPS, FY2025 earnings at ($4.11) EPS, FY2026 earnings at ($4.39) EPS and FY2027 earnings at ($4.32) EPS.
Nuvalent (NASDAQ:NUVL – Get Free Report) last issued its earnings results on Tuesday, November 14th. The company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.01).
Nuvalent Trading Up 2.9 %
Shares of NUVL opened at $59.74 on Friday. The firm’s 50-day moving average price is $52.50 and its 200-day moving average price is $46.17. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of -29.43 and a beta of 1.32. Nuvalent has a 1-year low of $23.09 and a 1-year high of $65.50.
Institutional Trading of Nuvalent
Several large investors have recently made changes to their positions in NUVL. FMR LLC raised its position in Nuvalent by 0.9% during the first quarter. FMR LLC now owns 7,690,424 shares of the company’s stock worth $200,643,000 after acquiring an additional 70,864 shares during the period. Fairmount Funds Management LLC raised its holdings in Nuvalent by 3.4% in the first quarter. Fairmount Funds Management LLC now owns 2,884,492 shares of the company’s stock valued at $75,256,000 after acquiring an additional 95,511 shares in the last quarter. BlackRock Inc. raised its holdings in Nuvalent by 9.2% during the second quarter. BlackRock Inc. now owns 2,396,864 shares of the company’s stock worth $101,076,000 after purchasing an additional 200,966 shares in the last quarter. Perceptive Advisors LLC raised its holdings in Nuvalent by 2.0% during the first quarter. Perceptive Advisors LLC now owns 2,300,048 shares of the company’s stock worth $60,008,000 after purchasing an additional 45,041 shares in the last quarter. Finally, Avoro Capital Advisors LLC grew its position in shares of Nuvalent by 21.4% during the first quarter. Avoro Capital Advisors LLC now owns 1,888,888 shares of the company’s stock worth $49,281,000 after acquiring an additional 333,333 shares during the last quarter. 97.26% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, Director Matthew Shair sold 91,700 shares of Nuvalent stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $50.70, for a total transaction of $4,649,190.00. Following the completion of the transaction, the director now directly owns 1,852,998 shares of the company’s stock, valued at approximately $93,946,998.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Darlene Noci sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 1st. The shares were sold at an average price of $52.66, for a total transaction of $157,980.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew Shair sold 91,700 shares of the business’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $50.70, for a total transaction of $4,649,190.00. Following the sale, the director now directly owns 1,852,998 shares in the company, valued at approximately $93,946,998.60. The disclosure for this sale can be found here. Insiders sold 110,695 shares of company stock valued at $5,611,820 in the last three months. Corporate insiders own 14.77% 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 brain-penetrant ROS1-selective inhibitor to inhibit ROS1 fusions that express the normal ROS1 kinase domain without any drug-resistant mutations and remain active in the presence of mutations conferring resistance to approved and investigational ROS1 inhibitors, which is under Phase I development; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, central nervous system-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under Phase ½ 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 ongoing IND-enabling studies.
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