Leerink Partnrs Weighs in on Nuvalent, Inc.’s Q2 2024 Earnings (NASDAQ:NUVL)

Nuvalent, Inc. (NASDAQ:NUVLFree Report) – Equities researchers at Leerink Partnrs issued their Q2 2024 EPS estimates for Nuvalent in a report issued on Monday, April 1st. Leerink Partnrs analyst A. Berens anticipates that the company will post earnings per share of ($0.80) for the quarter. Leerink Partnrs has a “Outperform” rating on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($2.96) per share. Leerink Partnrs also issued estimates for Nuvalent’s Q3 2024 earnings at ($0.82) EPS and Q4 2024 earnings at ($0.84) EPS.

A number of other equities analysts have also weighed in on NUVL. BMO Capital Markets lifted their price target on shares of Nuvalent from $93.00 to $102.00 and gave the company an “outperform” rating in a report on Wednesday, February 28th. Guggenheim assumed coverage on shares of Nuvalent in a report on Wednesday, February 28th. They issued a “buy” rating and a $99.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on shares of Nuvalent from $68.00 to $98.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. SVB Leerink upgraded shares of Nuvalent from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $69.00 to $110.00 in a report on Monday. Finally, Wedbush restated an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $90.00.

Check Out Our Latest Research Report on NUVL

Nuvalent Stock Down 4.8 %

Shares of NUVL opened at $73.42 on Tuesday. The firm has a market cap of $4.70 billion, a PE ratio of -33.99 and a beta of 1.30. The company’s fifty day moving average is $81.00 and its two-hundred day moving average is $68.94. Nuvalent has a fifty-two week low of $23.09 and a fifty-two week high of $89.39.

Nuvalent (NASDAQ:NUVLGet Free Report) last announced its earnings results on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02).

Insider Activity at Nuvalent

In related news, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,581,083. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Deborah Ann Miller sold 22,000 shares of Nuvalent stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $75.20, for a total transaction of $1,654,400.00. Following the sale, the insider now owns 33,300 shares of the company’s stock, valued at approximately $2,504,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Darlene Noci sold 20,000 shares of Nuvalent stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $77.51, for a total transaction of $1,550,200.00. Following the sale, the insider now directly owns 33,300 shares in the company, valued at approximately $2,581,083. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 959,500 shares of company stock worth $70,121,075. 14.77% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvalent

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in shares of Nuvalent by 13.0% in the 1st quarter. JPMorgan Chase & Co. now owns 442,575 shares of the company’s stock worth $6,147,000 after purchasing an additional 50,930 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Nuvalent by 57.8% in the 1st quarter. Bank of New York Mellon Corp now owns 45,656 shares of the company’s stock worth $634,000 after purchasing an additional 16,726 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Nuvalent by 196.6% in the 1st quarter. MetLife Investment Management LLC now owns 12,959 shares of the company’s stock worth $180,000 after purchasing an additional 8,590 shares during the last quarter. Rhumbline Advisers bought a new stake in shares of Nuvalent in the 1st quarter worth about $211,000. Finally, BlackRock Inc. increased its position in shares of Nuvalent by 30.2% in the 1st quarter. BlackRock Inc. now owns 1,257,463 shares of the company’s stock worth $17,466,000 after purchasing an additional 291,821 shares during the last quarter. Hedge funds and other institutional investors own 97.26% of the company’s stock.

Nuvalent Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Nuvalent (NASDAQ:NUVL)

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