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

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a note issued to investors on Thursday, RTT News reports. They currently have a $5.00 target price on the stock. Wedbush’s target price would suggest a potential upside of 90.11% from the company’s previous close.

NUVB has been the topic of several other research reports. HC Wainwright reduced their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Tuesday, August 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $6.40.

Nuvation Bio Trading Up 3.5 %

Shares of NYSE:NUVB traded up $0.09 on Thursday, reaching $2.63. 1,066,033 shares of the company were exchanged, compared to its average volume of 1,433,553. The firm has a market cap of $655.51 million, a price-to-earnings ratio of -1.24 and a beta of 1.35. Nuvation Bio has a 1-year low of $1.21 and a 1-year high of $4.16. The company has a 50-day moving average of $2.57 and a 200-day moving average of $2.90.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The company had revenue of $1.44 million during the quarter. As a group, analysts forecast that Nuvation Bio will post -0.29 earnings per share for the current year.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal bought 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 8th. The stock was purchased at an average price of $2.20 per share, with a total value of $220,000.00. Following the transaction, the director now owns 100,000 shares in the company, valued at $220,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. acquired a new stake in Nuvation Bio during the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC grew its stake in shares of Nuvation Bio by 913.2% during the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after acquiring an additional 10,000 shares in the last quarter. Xponance Inc. purchased a new stake in shares of Nuvation Bio during the second quarter worth about $33,000. Caxton Associates LP acquired a new position in shares of Nuvation Bio in the second quarter worth about $43,000. Finally, Choreo LLC purchased a new position in Nuvation Bio in the second quarter valued at about $47,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.