Wedbush Brokers Decrease Earnings Estimates for Nuvalent

Nuvalent, Inc. (NASDAQ:NUVL) – Wedbush cut their FY2024 EPS estimates for shares of Nuvalent in a report released on Tuesday, November 12th. Wedbush analyst D. Nierengarten now anticipates that the company will post earnings per share of ($3.78) for the year, down from their previous forecast of ($3.45). Wedbush has a “Outperform” rating and a $115.00 price target 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.

A number of other brokerages have also weighed in on NUVL. UBS Group started coverage on Nuvalent in a research note on Thursday, October 24th. They issued a “neutral” rating and a $100.00 target price for the company. Guggenheim raised their price objective on shares of Nuvalent from $99.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Stifel Nicolaus upped their target price on shares of Nuvalent from $115.00 to $135.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. increased their price target on shares of Nuvalent from $100.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, October 4th. Finally, The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $112.60.

Nuvalent Trading Down 0.2 %

Shares of NUVL opened at $90.18 on Friday. The stock has a fifty day moving average price of $97.27 and a two-hundred day moving average price of $82.94. Nuvalent has a 52-week low of $56.52 and a 52-week high of $113.51.

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

Insider Transactions at Nuvalent

In other news, CFO Alexandra Balcom sold 10,000 shares of Nuvalent stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $84.23, for a total transaction of $842,300.00. Following the transaction, the chief financial officer now owns 33,300 shares in the company, valued at $2,804,859. The trade was a 23.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $102.75, for a total value of $205,500.00. Following the completion of the transaction, the director now owns 226,522 shares of the company’s stock, valued at $23,275,135.50. This represents a 0.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,122,629 shares of company stock worth $207,180,508. 12.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Quest Partners LLC acquired a new stake in shares of Nuvalent during the second quarter worth $44,000. Amalgamated Bank increased its holdings in Nuvalent by 21.8% during the 2nd quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after purchasing an additional 198 shares in the last quarter. SG Americas Securities LLC bought a new position in Nuvalent during the 1st quarter worth about $121,000. Portland Investment Counsel Inc. acquired a new stake in shares of Nuvalent in the 3rd quarter valued at about $205,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Nuvalent by 21.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock valued at $213,000 after purchasing an additional 382 shares in the last quarter. Institutional investors own 97.26% 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.