Nuvalent (NASDAQ:NUVL) Posts Earnings Results

Nuvalent (NASDAQ:NUVL) issued its quarterly earnings results on Thursday. The company reported ($1.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.35) by ($0.04), FiscalAI reports. During the same period in the prior year, the firm earned ($1.18) earnings per share.

Nuvalent Stock Up 2.8%

Shares of NUVL stock traded up $2.88 on Friday, reaching $105.28. 579,883 shares of the stock were exchanged, compared to its average volume of 565,975. The stock has a market cap of $8.28 billion, a P/E ratio of -17.37 and a beta of 1.15. The firm has a 50 day moving average of $101.94 and a two-hundred day moving average of $102.35. Nuvalent has a 1-year low of $68.64 and a 1-year high of $113.01.

Analyst Ratings Changes

NUVL has been the topic of a number of recent analyst reports. Cantor Fitzgerald increased their price target on Nuvalent from $135.00 to $140.00 and gave the stock an “overweight” rating in a research note on Friday, February 27th. HC Wainwright reissued a “buy” rating and set a $155.00 price target on shares of Nuvalent in a research note on Tuesday, April 21st. Wedbush reissued an “outperform” rating and set a $125.00 price target on shares of Nuvalent in a research note on Wednesday, April 8th. Wells Fargo & Company initiated coverage on Nuvalent in a research note on Monday, March 30th. They set an “overweight” rating and a $116.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvalent in a research note on Tuesday, April 21st. Sixteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Nuvalent currently has a consensus rating of “Moderate Buy” and an average target price of $137.25.

Insider Transactions at Nuvalent

In other news, insider Henry E. Pelish sold 3,093 shares of the company’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $104.48, for a total transaction of $323,156.64. Following the completion of the sale, the insider directly owned 65,604 shares in the company, valued at $6,854,305.92. This represents a 4.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Deborah Ann Miller sold 5,500 shares of the company’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $99.22, for a total value of $545,710.00. Following the sale, the insider owned 59,634 shares of the company’s stock, valued at approximately $5,916,885.48. The trade was a 8.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 80,023 shares of company stock valued at $8,235,217. Corporate insiders own 10.20% of the company’s stock.

Institutional Trading of Nuvalent

Several large investors have recently added to or reduced their stakes in NUVL. US Bancorp DE increased its holdings in Nuvalent by 10.0% in the 3rd quarter. US Bancorp DE now owns 2,070 shares of the company’s stock valued at $179,000 after purchasing an additional 188 shares in the last quarter. Portland Investment Counsel Inc. acquired a new stake in Nuvalent in the 4th quarter valued at $201,000. FORA Capital LLC acquired a new stake in Nuvalent in the 4th quarter valued at $218,000. Tower Research Capital LLC TRC increased its holdings in Nuvalent by 23.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,142 shares of the company’s stock valued at $240,000 after purchasing an additional 588 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in Nuvalent in the 4th quarter valued at $251,000. 97.26% of the stock is currently owned by institutional investors and hedge funds.

About Nuvalent

Nuvalent, Inc (NASDAQ:NUVL) is a clinical-stage precision oncology company focused on the discovery, development and commercialization of targeted therapies for patients with genetically defined cancers. Founded in 2019 and headquartered in San Diego, California, Nuvalent applies structure-guided drug design to develop small molecule inhibitors that address key oncogenic drivers. The company’s research platform integrates insights from cancer biology, medicinal chemistry and translational science to create therapies with differentiated selectivity and potency against validated targets.

Nuvalent’s lead pipeline candidates include NVL-520, a highly selective RET inhibitor designed to minimize off-target effects, and NVL-655, a potent covalent inhibitor targeting KRAS G12D mutations.