Wedbush Weighs in on Nuvalent, Inc.’s FY2022 Earnings (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVLGet Rating) – Analysts at Wedbush issued their FY2022 earnings per share (EPS) estimates for Nuvalent in a report released on Tuesday, January 17th. Wedbush analyst D. Nierengarten forecasts that the company will earn ($1.58) per share for the year. Wedbush has a “Outperform” rating and a $39.00 price target on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($1.55) per share. Wedbush also issued estimates for Nuvalent’s Q4 2022 earnings at ($0.43) EPS, Q1 2023 earnings at ($0.44) EPS, Q2 2023 earnings at ($0.49) EPS, Q3 2023 earnings at ($0.61) EPS, Q4 2023 earnings at ($0.73) EPS, FY2023 earnings at ($2.26) EPS, FY2024 earnings at ($3.75) EPS, FY2025 earnings at ($4.31) EPS and FY2026 earnings at ($3.17) EPS.

Nuvalent (NASDAQ:NUVLGet Rating) last posted its earnings results on Thursday, November 10th. The company reported ($0.41) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.05.

Separately, BMO Capital Markets upped their target price on Nuvalent from $28.00 to $50.00 and gave the company a “buy” rating in a report on Friday, October 28th.

Nuvalent Stock Performance

Nuvalent stock opened at $30.88 on Friday. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -20.45 and a beta of 1.69. Nuvalent has a fifty-two week low of $7.09 and a fifty-two week high of $40.43. The stock’s fifty day moving average is $30.74 and its two-hundred day moving average is $23.22.

Insider Buying and Selling at Nuvalent

In related news, insider Deborah Ann Miller sold 2,000 shares of the stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $32.62, for a total transaction of $65,240.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Deborah Ann Miller sold 2,000 shares of the stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $32.62, for a total transaction of $65,240.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Shair sold 95,455 shares of the stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $32.04, for a total value of $3,058,378.20. Following the sale, the director now directly owns 2,019,237 shares in the company, valued at approximately $64,696,353.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 139,055 shares of company stock valued at $4,371,191. Insiders own 15.79% of the company’s stock.

Institutional Trading of Nuvalent

A number of large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its position in Nuvalent by 13.0% during the first quarter. JPMorgan Chase & Co. now owns 442,575 shares of the company’s stock worth $6,147,000 after buying an additional 50,930 shares during the period. Bank of New York Mellon Corp lifted its position in Nuvalent by 57.8% during the first quarter. Bank of New York Mellon Corp now owns 45,656 shares of the company’s stock worth $634,000 after buying an additional 16,726 shares during the period. MetLife Investment Management LLC lifted its position in Nuvalent by 196.6% during the first quarter. MetLife Investment Management LLC now owns 12,959 shares of the company’s stock worth $180,000 after buying an additional 8,590 shares during the period. Rhumbline Advisers purchased a new position in Nuvalent during the first quarter worth about $211,000. Finally, BlackRock Inc. lifted its position in Nuvalent by 30.2% during the first quarter. BlackRock Inc. now owns 1,257,463 shares of the company’s stock worth $17,466,000 after buying an additional 291,821 shares during the period.

About Nuvalent

(Get Rating)

Nuvalent, Inc, a clinical stage biopharmaceutical company, develops 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; and 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 I/II clinical trial.

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