Nuvalent, Inc. Forecasted to Earn Q3 2023 Earnings of ($0.58) Per Share (NASDAQ:NUVL)

Posted by on Aug 14th, 2023

Nuvalent, Inc. (NASDAQ:NUVL – Free Report) – Equities researchers at Wedbush upped their Q3 2023 earnings per share (EPS) estimates for Nuvalent in a note issued to investors on Thursday, August 10th. Wedbush analyst D. Nierengarten now forecasts that the company will post earnings of ($0.58) per share for the quarter, up from their previous estimate of ($0.65). Wedbush has a “Outperform” rating and a $53.00 price target on the stock. The consensus estimate for Nuvalent’s current full-year earnings is ($2.09) per share. Wedbush also issued estimates for Nuvalent’s Q4 2023 earnings at ($0.66) EPS, FY2023 earnings at ($2.21) EPS, Q1 2024 earnings at ($0.73) EPS, Q2 2024 earnings at ($0.81) EPS, Q3 2024 earnings at ($0.82) EPS, Q4 2024 earnings at ($0.83) EPS, FY2024 earnings at ($3.19) EPS, FY2025 earnings at ($3.76) EPS, FY2026 earnings at ($2.74) EPS and FY2027 earnings at $0.85 EPS.

Nuvalent (NASDAQ:NUVL – Get Free Report) last released its earnings results on Thursday, August 10th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.04.

A number of other research firms have also recently commented on NUVL. SVB Leerink began coverage on Nuvalent in a report on Tuesday, August 8th. They set a “market perform” rating and a $42.00 price target on the stock. SVB Securities initiated coverage on Nuvalent in a report on Tuesday, August 8th. They issued a “market perform” rating and a $42.00 target price on the stock. Leerink Partnrs reaffirmed a “market perform” rating on shares of Nuvalent in a report on Tuesday, August 8th. Finally, Guggenheim initiated coverage on Nuvalent in a report on Monday, July 24th. They issued a “buy” rating and a $56.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Nuvalent presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.60.

View Our Latest Analysis on Nuvalent

Nuvalent Stock Down 1.0 %

NASDAQ:NUVL opened at $43.04 on Monday. The business’s 50-day simple moving average is $43.67 and its two-hundred day simple moving average is $36.29. The stock has a market cap of $2.45 billion, a PE ratio of -23.26 and a beta of 1.31. Nuvalent has a 52 week low of $14.92 and a 52 week high of $50.58.

Institutional Trading of Nuvalent

A number of hedge funds have recently bought and sold shares of the stock. Credit Suisse AG lifted its holdings in Nuvalent by 17.5% during the second quarter. Credit Suisse AG now owns 27,737 shares of the company’s stock worth $1,170,000 after buying an additional 4,121 shares during the period. BlackRock Inc. lifted its holdings in Nuvalent by 9.2% during the second quarter. BlackRock Inc. now owns 2,396,864 shares of the company’s stock worth $101,076,000 after buying an additional 200,966 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in Nuvalent by 38.4% during the second quarter. Ameritas Investment Partners Inc. now owns 1,981 shares of the company’s stock worth $84,000 after buying an additional 550 shares during the period. State Board of Administration of Florida Retirement System purchased a new stake in Nuvalent during the second quarter worth $287,000. Finally, Franklin Resources Inc. acquired a new position in shares of Nuvalent during the second quarter worth $362,000. Hedge funds and other institutional investors own 95.43% of the company’s stock.

Insiders Place Their Bets

In other Nuvalent news, insider Darlene Noci sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $45.07, for a total transaction of $45,070.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Deborah Ann Miller sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $43.06, for a total value of $86,120.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Darlene Noci sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $45.07, for a total value of $45,070.00. The disclosure for this sale can be found here. Insiders have sold 32,024 shares of company stock valued at $1,448,442 over the last ninety days. 14.77% of the stock is owned by insiders.

About Nuvalent

(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 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; 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 ½ 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 ongoing IND-enabling studies.

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Earnings History and Estimates for Nuvalent (NASDAQ:NUVL)

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