Nuvation Bio’s (NUVB) “Outperform” Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of Nuvation Bio (NYSE:NUVB) in a research report released on Wednesday,Benzinga reports. Wedbush currently has a $5.00 price target on the stock.

Several other brokerages have also recently issued reports on NUVB. HC Wainwright cut their target price on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Citizens Jmp assumed coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They issued a “mkt outperform” rating and a $6.00 price objective on the stock. JMP Securities restated a “market outperform” rating and issued a $6.00 price objective on shares of Nuvation Bio in a research note on Monday, June 2nd. Wall Street Zen upgraded Nuvation Bio from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. Finally, Citigroup assumed coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Nuvation Bio has a consensus rating of “Moderate Buy” and an average target price of $7.83.

Nuvation Bio Stock Down 4.7%

NYSE NUVB opened at $1.73 on Wednesday. Nuvation Bio has a twelve month low of $1.54 and a twelve month high of $3.97. The company has a market cap of $586.95 million, a price-to-earnings ratio of -0.79 and a beta of 1.37. The business’s fifty day moving average is $2.15 and its 200 day moving average is $2.30.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, meeting the consensus estimate of ($0.16). The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $0.42 million. On average, research analysts anticipate that Nuvation Bio will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Dongfang Liu sold 20,000 shares of the company’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $2.50, for a total value of $50,000.00. Following the completion of the transaction, the insider now owns 12,000 shares of the company’s stock, valued at $30,000. This represents a 62.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David Hung bought 300,000 shares of the firm’s stock in a transaction that occurred on Monday, April 7th. The stock was purchased at an average price of $1.62 per share, for a total transaction of $486,000.00. Following the completion of the transaction, the chief executive officer now directly owns 58,781,054 shares of the company’s stock, valued at $95,225,307.48. This represents a 0.51% increase in their position. The disclosure for this purchase can be found here. 29.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvation Bio

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in Nuvation Bio during the fourth quarter valued at approximately $27,000. Forum Financial Management LP purchased a new stake in Nuvation Bio during the fourth quarter valued at approximately $29,000. Cerity Partners LLC purchased a new stake in shares of Nuvation Bio in the fourth quarter worth approximately $31,000. Russell Investments Group Ltd. raised its holdings in shares of Nuvation Bio by 15,183.7% in the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock worth $42,000 after buying an additional 15,791 shares during the period. Finally, Abacus Planning Group Inc. purchased a new stake in shares of Nuvation Bio in the fourth quarter worth approximately $44,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

Nuvation Bio Company Profile

Nuvation Bio Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutic candidates for oncology. The company's lead product candidate is NUV-868, a BD2 selective oral small molecule BET inhibitor that epigenetically regulates proteins that control tumor growth and differentiation, including oncogenes comprising c-myc; NUV-1156, an AR binder Xtandi that address advanced stage prostate cancers with the potential to move into earlier lines typically treated with surgical prostatectomy; and drug-drug conjugate (DDC) platform which leverages a novel therapeutic approach within the drug-conjugate class of anti-cancer therapies to deliver anti-cancer therapeutics to cancer cells, as well as NUV-1176, a PARP inhibitor to address ER+ breast and ovarian cancer.