Q2 2024 EPS Estimates for Nuvation Bio Inc. Increased by Wedbush (NYSE:NUVB)

Nuvation Bio Inc. (NYSE:NUVB) – Investment analysts at Wedbush lifted their Q2 2024 earnings estimates for shares of Nuvation Bio in a report issued on Monday, March 25th. Wedbush analyst D. Nierengarten now expects that the company will post earnings per share of ($0.05) for the quarter, up from their prior forecast of ($0.07). Wedbush has a “Outperform” rating and a $5.00 price objective on the stock. The consensus estimate for Nuvation Bio’s current full-year earnings is ($0.36) per share. Wedbush also issued estimates for Nuvation Bio’s Q3 2024 earnings at ($0.09) EPS, FY2024 earnings at ($0.30) EPS, FY2025 earnings at ($0.44) EPS, FY2026 earnings at ($0.49) EPS and FY2027 earnings at ($0.40) EPS.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04.

Several other brokerages have also weighed in on NUVB. HC Wainwright increased their price objective on shares of Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday. BTIG Research raised Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research report on Tuesday. Finally, Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and lifted their price objective for the company from $1.40 to $10.00 in a research note on Wednesday.

Nuvation Bio Price Performance

Nuvation Bio stock opened at $3.96 on Thursday. The company has a market cap of $863.46 million, a PE ratio of -11.65 and a beta of 1.19. Nuvation Bio has a 1-year low of $0.95 and a 1-year high of $4.06. The stock’s 50 day moving average price is $1.97 and its 200 day moving average price is $1.56.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NUVB. Jane Street Group LLC grew its holdings in Nuvation Bio by 14.4% in the 1st quarter. Jane Street Group LLC now owns 24,362 shares of the company’s stock valued at $128,000 after buying an additional 3,070 shares during the last quarter. Raymond James & Associates grew its holdings in Nuvation Bio by 28.9% during the 1st quarter. Raymond James & Associates now owns 16,060 shares of the company’s stock worth $84,000 after acquiring an additional 3,600 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Nuvation Bio by 38.3% in the 2nd quarter. ProShare Advisors LLC now owns 18,946 shares of the company’s stock valued at $34,000 after buying an additional 5,246 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Nuvation Bio by 8.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 83,090 shares of the company’s stock worth $159,000 after purchasing an additional 6,133 shares during the last quarter. Finally, Credit Suisse AG boosted its stake in Nuvation Bio by 9.3% in the second quarter. Credit Suisse AG now owns 83,884 shares of the company’s stock valued at $271,000 after acquiring an additional 7,115 shares during the last quarter. 61.67% of the stock is 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.