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

Wedbush restated their outperform rating on shares of Nuvation Bio (NYSE:NUVB) in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a $5.00 price target on the stock.

Several other equities research analysts have also weighed in on the company. HC Wainwright reaffirmed a buy rating and issued a $8.00 target price on shares of Nuvation Bio in a research report on Wednesday, July 17th. Royal Bank of Canada reiterated an outperform rating and issued a $5.00 price objective on shares of Nuvation Bio in a research report on Tuesday, August 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Nuvation Bio currently has a consensus rating of Buy and a consensus price target of $6.60.

Nuvation Bio Stock Performance

NYSE NUVB opened at $3.07 on Wednesday. Nuvation Bio has a one year low of $0.95 and a one year high of $4.16. The company has a 50-day simple moving average of $3.13 and a 200-day simple moving average of $2.96. The firm has a market capitalization of $758.81 million, a PE ratio of -9.90 and a beta of 1.38.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Monday, August 5th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The firm had revenue of $1.44 million during the quarter. Equities analysts forecast that Nuvation Bio will post -0.33 earnings per share for the current year.

Insider Transactions at Nuvation Bio

In related news, Director Xiangmin Cui acquired 336,874 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were acquired at an average cost of $2.98 per share, for a total transaction of $1,003,884.52. Following the completion of the purchase, the director now directly owns 2,175,236 shares in the company, valued at $6,482,203.28. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 36.09% of the company’s stock.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Nuvation Bio by 551.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock valued at $4,932,000 after acquiring an additional 1,146,794 shares in the last quarter. Octagon Capital Advisors LP bought a new position in Nuvation Bio during the 4th quarter valued at $1,510,000. Dimensional Fund Advisors LP increased its position in shares of Nuvation Bio by 415.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after purchasing an additional 820,669 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Nuvation Bio by 254.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 748,793 shares of the company’s stock valued at $2,726,000 after purchasing an additional 537,314 shares during the period. Finally, Acadian Asset Management LLC raised its stake in shares of Nuvation Bio by 81.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after buying an additional 528,660 shares in the last quarter. 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.