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

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $11.00 price objective on the stock. Wedbush’s price objective points to a potential upside of 89.82% from the company’s current price.

Other equities research analysts have also issued reports about the company. Citigroup reaffirmed a “market outperform” rating on shares of Nuvation Bio in a research report on Wednesday. Cantor Fitzgerald initiated coverage on Nuvation Bio in a research note on Friday, August 21st. They set an “overweight” rating on the stock. Royal Bank Of Canada lifted their price objective on Nuvation Bio from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Zacks Research upgraded shares of Nuvation Bio from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Finally, Truist Financial raised their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Nuvation Bio Stock Performance

Shares of NYSE:NUVB opened at $5.79 on Wednesday. The firm’s 50 day simple moving average is $6.44 and its 200-day simple moving average is $5.42. The company has a debt-to-equity ratio of 0.96, a quick ratio of 8.14 and a current ratio of 8.37. Nuvation Bio has a one year low of $2.99 and a one year high of $9.75. The firm has a market cap of $2.03 billion, a PE ratio of -13.17 and a beta of 1.52.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. The firm had revenue of $31.69 million during the quarter, compared to analysts’ expectations of $27.03 million. As a group, equities analysts predict that Nuvation Bio will post -0.34 EPS for the current year.

Insider Activity

In other Nuvation Bio news, CFO Philippe Sauvage sold 47,668 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $6.01, for a total value of $286,484.68. Following the completion of the sale, the chief financial officer directly owned 12,673 shares in the company, valued at $76,164.73. This trade represents a 79.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gary Hattersley sold 100,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $7.09, for a total value of $709,000.00. Following the sale, the insider owned 100,000 shares of the company’s stock, valued at approximately $709,000. This represents a 50.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 335,668 shares of company stock valued at $2,128,495. Company insiders own 30.11% of the company’s stock.

Institutional Trading of Nuvation Bio

A number of institutional investors have recently bought and sold shares of NUVB. Renaissance Technologies LLC acquired a new stake in Nuvation Bio during the 1st quarter worth about $2,399,000. Ishara Investments LP purchased a new stake in Nuvation Bio in the fourth quarter valued at approximately $3,584,000. Arrowstreet Capital Limited Partnership raised its position in Nuvation Bio by 75.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,439,357 shares of the company’s stock worth $6,175,000 after buying an additional 619,725 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Nuvation Bio during the 2nd quarter valued at approximately $3,804,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of Nuvation Bio by 19.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,231,733 shares of the company’s stock valued at $6,996,000 after acquiring an additional 200,621 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors and hedge funds.

About Nuvation Bio

Nuvation Bio Inc is a biopharmaceutical company focused on discovering and developing medicines for patients with cancer. The company applies drug discovery, translational research and clinical development capabilities to pursue therapies for cancers with significant unmet medical needs.

Nuvation Bio’s pipeline has included investigational small-molecule oncology therapies, including NUV-422, a cyclin-dependent kinase inhibitor designed to target pathways involved in cancer cell growth.