Jones Trading Begins Coverage on Nuvation Bio (NYSE:NUVB)

Investment analysts at Jones Trading started coverage on shares of Nuvation Bio (NYSE:NUVB) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Jones Trading’s price target would indicate a potential upside of 351.47% from the company’s previous close.

A number of other research firms have also recently weighed in on NUVB. Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Monday, March 3rd. HC Wainwright lowered their target price on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $10.00 target price (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio currently has an average rating of “Buy” and a consensus target price of $8.33.

Nuvation Bio Stock Performance

NYSE:NUVB opened at $2.22 on Wednesday. The firm’s 50-day moving average is $2.37 and its 200-day moving average is $2.57. Nuvation Bio has a 52-week low of $1.67 and a 52-week high of $4.16. The company has a market cap of $745.50 million, a price-to-earnings ratio of -1.02 and a beta of 1.47.

Hedge Funds Weigh In On Nuvation Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Forum Financial Management LP acquired a new position in shares of Nuvation Bio during the fourth quarter worth approximately $29,000. Cerity Partners LLC acquired a new position in shares of Nuvation Bio during the fourth quarter worth approximately $31,000. Russell Investments Group Ltd. lifted its position in shares of Nuvation Bio by 15,183.7% during the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock worth $42,000 after purchasing an additional 15,791 shares in the last quarter. Abacus Planning Group Inc. acquired a new position in shares of Nuvation Bio during the fourth quarter worth approximately $44,000. Finally, Cibc World Markets Corp acquired a new position in shares of Nuvation Bio during the fourth quarter worth approximately $45,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.