HC Wainwright Estimates Nuvalent FY2024 Earnings

Nuvalent, Inc. (NASDAQ:NUVL) – Research analysts at HC Wainwright issued their FY2024 earnings estimates for shares of Nuvalent in a note issued to investors on Monday, December 30th. HC Wainwright analyst S. Ramakanth anticipates that the company will post earnings of ($3.96) per share for the year. HC Wainwright currently has a “Buy” rating and a $110.00 target price on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($3.84) per share. HC Wainwright also issued estimates for Nuvalent’s Q4 2024 earnings at ($1.10) EPS, Q1 2025 earnings at ($1.08) EPS, Q2 2025 earnings at ($1.05) EPS, Q3 2025 earnings at ($1.02) EPS, Q4 2025 earnings at ($1.00) EPS, FY2025 earnings at ($4.16) EPS, FY2026 earnings at ($2.88) EPS, FY2027 earnings at ($0.55) EPS and FY2028 earnings at $1.88 EPS.

Nuvalent (NASDAQ:NUVL) last announced 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 previous year, the business earned ($0.59) earnings per share.

A number of other research firms also recently commented on NUVL. BMO Capital Markets raised their target price on Nuvalent from $132.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and set a $115.00 price objective on shares of Nuvalent in a report on Tuesday, November 12th. Guggenheim upped their target price on shares of Nuvalent from $99.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group upgraded shares of Nuvalent to a “strong sell” rating in a research report on Monday, September 16th. Finally, Stifel Nicolaus raised their price objective on Nuvalent from $115.00 to $135.00 and gave the company a “buy” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $112.36.

Nuvalent Stock Performance

NUVL stock opened at $79.99 on Wednesday. The stock has a market capitalization of $5.68 billion, a PE ratio of -23.05 and a beta of 1.31. The company has a fifty day moving average of $89.85 and a 200-day moving average of $87.30. Nuvalent has a one year low of $61.79 and a one year high of $113.51.

Institutional Investors Weigh In On Nuvalent

A number of institutional investors have recently made changes to their positions in the company. Amalgamated Bank raised its stake in Nuvalent by 21.8% during the second quarter. Amalgamated Bank now owns 1,105 shares of the company’s stock worth $84,000 after acquiring an additional 198 shares during the period. HighVista Strategies LLC raised its position in shares of Nuvalent by 1.1% during the 3rd quarter. HighVista Strategies LLC now owns 29,018 shares of the company’s stock worth $2,969,000 after purchasing an additional 320 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Nuvalent by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,147 shares of the company’s stock worth $213,000 after purchasing an additional 382 shares during the last quarter. Quest Partners LLC acquired a new position in Nuvalent during the 2nd quarter valued at approximately $44,000. Finally, Arizona State Retirement System grew its stake in Nuvalent by 15.9% during the 2nd quarter. Arizona State Retirement System now owns 8,215 shares of the company’s stock worth $623,000 after buying an additional 1,127 shares during the last quarter. 97.26% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Nuvalent

In other Nuvalent news, Director James E. Flynn sold 2,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $97.75, for a total transaction of $195,500,000.00. Following the sale, the director now owns 8,670,512 shares in the company, valued at $847,542,548. This represents a 18.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Matthew Shair sold 2,000 shares of the stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $91.73, for a total value of $183,460.00. Following the transaction, the director now directly owns 224,522 shares in the company, valued at approximately $20,595,403.06. This represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,070,000 shares of company stock worth $202,035,390 in the last 90 days. 12.52% of the stock is owned by corporate 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.