Wedbush Reaffirms “Outperform” Rating for Nuvation Bio (NYSE:NUVB)

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by analysts at Wedbush in a research report issued on Monday,RTT News reports. They presently have a $5.00 price objective on the stock. Wedbush’s target price points to a potential upside of 87.27% from the stock’s previous close.

A number of other research analysts have also commented on the company. HC Wainwright cut their price target on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, September 16th. Royal Bank of Canada upped their target price on shares of Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $6.60.

Nuvation Bio Stock Performance

Shares of NYSE:NUVB traded down $0.01 during midday trading on Monday, hitting $2.67. 2,259,783 shares of the stock were exchanged, compared to its average volume of 1,607,589. The business’s fifty day simple moving average is $2.62 and its two-hundred day simple moving average is $2.84. Nuvation Bio has a 52-week low of $1.43 and a 52-week high of $4.16. The company has a market capitalization of $898.63 million, a PE ratio of -1.23 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $0.73 million for the quarter. As a group, equities analysts anticipate that Nuvation Bio will post -0.4 EPS for the current year.

Insider Activity

In related news, Director Robert Mashal acquired 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was acquired at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now owns 100,000 shares of the company’s stock, valued at $220,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 5.07% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in NUVB. Frazier Life Sciences Management L.P. acquired a new position in shares of Nuvation Bio in the 3rd quarter valued at approximately $2,790,000. Dimensional Fund Advisors LP boosted its holdings in shares of Nuvation Bio by 415.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after buying an additional 820,669 shares during the period. Wexford Capital LP increased its position in shares of Nuvation Bio by 930.2% during the third quarter. Wexford Capital LP now owns 651,767 shares of the company’s stock worth $1,493,000 after acquiring an additional 588,500 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in shares of Nuvation Bio by 198.7% during the second quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock worth $1,850,000 after acquiring an additional 421,563 shares during the period. Finally, FMR LLC lifted its position in Nuvation Bio by 1.4% in the 3rd quarter. FMR LLC now owns 29,238,871 shares of the company’s stock valued at $66,957,000 after acquiring an additional 416,932 shares in the last quarter. 61.67% of the stock is owned by institutional investors.

About Nuvation Bio

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.