Nuvation Bio’s (NUVB) Outperform Rating Reiterated at Wedbush

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by Wedbush in a research note issued to investors on Thursday,Benzinga reports. They currently have a $11.00 target price on the stock. Wedbush’s target price indicates a potential upside of 68.58% from the stock’s previous close.

Several other research firms also recently commented on NUVB. Royal Bank Of Canada reiterated an “outperform” rating on shares of Nuvation Bio in a research report on Wednesday. Zacks Research raised Nuvation Bio from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvation Bio in a report on Friday, July 17th. Citigroup reiterated a “market outperform” rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. Finally, Truist Financial boosted their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Eight analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.38.

Nuvation Bio Price Performance

Shares of NYSE NUVB traded down $0.03 during midday trading on Thursday, reaching $6.53. 869,220 shares of the company were exchanged, compared to its average volume of 5,519,113. The stock’s 50-day moving average price is $5.31 and its 200-day moving average price is $5.31. The stock has a market cap of $2.27 billion, a P/E ratio of -15.13 and a beta of 1.52. The company has a quick ratio of 7.24, a current ratio of 7.44 and a debt-to-equity ratio of 0.15. Nuvation Bio has a one year low of $2.18 and a one year high of $9.75.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. Nuvation Bio had a negative return on equity of 44.10% and a negative net margin of 102.06%.The company had revenue of $83.23 million during the quarter, compared to analysts’ expectations of $66.22 million. On average, sell-side analysts anticipate that Nuvation Bio will post -0.39 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Stacy Markel sold 125,000 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $6.03, for a total transaction of $753,750.00. Following the completion of the sale, the insider directly owned 32,591 shares in the company, valued at $196,523.73. This represents a 79.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Mashal bought 25,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were purchased at an average cost of $4.73 per share, with a total value of $118,250.00. Following the purchase, the director directly owned 225,000 shares of the company’s stock, valued at $1,064,250. The trade was a 12.50% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders sold 235,668 shares of company stock valued at $1,419,495. Company insiders own 30.11% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Capricorn Fund Managers Ltd bought a new stake in Nuvation Bio in the fourth quarter worth approximately $14,236,000. JPMorgan Chase & Co. grew its position in shares of Nuvation Bio by 472.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 675,600 shares of the company’s stock worth $2,500,000 after buying an additional 557,656 shares during the period. Ishara Investments LP bought a new stake in shares of Nuvation Bio in the 4th quarter valued at $3,584,000. ACT Capital Management LLC bought a new stake in shares of Nuvation Bio in the 4th quarter valued at $5,470,000. Finally, Kornitzer Capital Management Inc. KS acquired a new position in shares of Nuvation Bio during the 1st quarter valued at $634,000. 61.67% of the stock is owned by institutional investors.

Nuvation Bio Company Profile

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.