Nuvalent (NASDAQ:NUVL) Posts Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Nuvalent (NASDAQ:NUVL) posted its quarterly earnings data on Thursday. The company reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.35) by ($0.04), FiscalAI reports. During the same quarter last year, the firm earned ($1.18) EPS.

Nuvalent Trading Up 2.8%

NASDAQ:NUVL traded up $2.88 during mid-day trading on Friday, hitting $105.28. The stock had a trading volume of 579,883 shares, compared to its average volume of 565,975. The stock has a 50-day simple moving average of $101.94 and a two-hundred day simple moving average of $102.35. The company has a market capitalization of $8.28 billion, a PE ratio of -17.37 and a beta of 1.15. Nuvalent has a twelve month low of $68.64 and a twelve month high of $113.01.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, insider Henry E. Pelish sold 3,093 shares of the firm’s stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $104.48, for a total value of $323,156.64. Following the sale, the insider owned 65,604 shares of the company’s stock, valued at $6,854,305.92. This trade represents a 4.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alexandra Balcom sold 11,430 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $105.21, for a total transaction of $1,202,550.30. Following the completion of the sale, the chief financial officer directly owned 85,533 shares in the company, valued at approximately $8,998,926.93. This trade represents a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 80,023 shares of company stock worth $8,235,217 in the last ninety days. 10.20% of the stock is owned by insiders.

Institutional Trading of Nuvalent

Several hedge funds have recently added to or reduced their stakes in NUVL. RA Capital Management L.P. acquired a new stake in Nuvalent in the third quarter valued at approximately $107,794,000. Wellington Management Group LLP raised its holdings in Nuvalent by 46.0% in the third quarter. Wellington Management Group LLP now owns 2,300,865 shares of the company’s stock valued at $198,979,000 after acquiring an additional 724,491 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Nuvalent by 32.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,205,251 shares of the company’s stock valued at $221,826,000 after acquiring an additional 545,542 shares in the last quarter. Invesco Ltd. raised its holdings in Nuvalent by 1,201.4% in the fourth quarter. Invesco Ltd. now owns 439,300 shares of the company’s stock valued at $44,189,000 after acquiring an additional 405,543 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Nuvalent by 18.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,146,938 shares of the company’s stock valued at $215,962,000 after acquiring an additional 336,518 shares in the last quarter. Institutional investors and hedge funds own 97.26% of the company’s stock.

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.