Nuvation Bio (NYSE:NUVB) Given Buy Rating at HC Wainwright

Nuvation Bio (NYSE:NUVB)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a report released on Monday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 117.39% from the stock’s previous close.

A number of other research firms also recently issued reports on NUVB. Royal Bank of Canada boosted their price target on Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Wedbush reiterated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a report on Monday, December 23rd. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio has an average rating of “Buy” and a consensus target price of $7.40.

Nuvation Bio Stock Performance

NUVB opened at $3.22 on Monday. Nuvation Bio has a 1 year low of $1.43 and a 1 year high of $4.16. The company’s 50 day simple moving average is $2.72 and its 200 day simple moving average is $2.82. The stock has a market capitalization of $1.08 billion, a PE ratio of -1.48 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The business had revenue of $0.73 million for the quarter. As a group, sell-side analysts expect that Nuvation Bio will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its holdings in shares of Nuvation Bio by 33.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 626,905 shares of the company’s stock valued at $1,831,000 after buying an additional 157,511 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Nuvation Bio during the second quarter valued at approximately $126,000. Principal Financial Group Inc. lifted its position in shares of Nuvation Bio by 58.7% during the second quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock worth $76,000 after purchasing an additional 9,603 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Nuvation Bio by 25.7% in the second quarter. Rhumbline Advisers now owns 260,939 shares of the company’s stock valued at $762,000 after purchasing an additional 53,389 shares during the period. Finally, Arizona State Retirement System acquired a new stake in Nuvation Bio during the 2nd quarter valued at $110,000. 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.