Wedbush Reiterates Outperform Rating for Nuvation Bio (NYSE:NUVB)

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by Wedbush in a research note issued on Monday, RTT News reports. They presently have a $5.00 price target on the stock. Wedbush’s price target would suggest a potential upside of 57.23% from the company’s previous close.

A number of other equities analysts have also commented on the stock. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Nuvation Bio in a research report on Wednesday, July 17th. Royal Bank of Canada upped their price objective on Nuvation Bio from $4.00 to $5.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 17th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $6.60.

Nuvation Bio Price Performance

Shares of NUVB stock traded down $0.18 during mid-day trading on Monday, hitting $3.18. The stock had a trading volume of 2,907,716 shares, compared to its average volume of 1,386,329. Nuvation Bio has a fifty-two week low of $0.95 and a fifty-two week high of $4.16. The company’s 50-day simple moving average is $3.13 and its 200-day simple moving average is $2.72. The firm has a market cap of $786.00 million, a PE ratio of -10.26 and a beta of 1.40.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. On average, analysts expect that Nuvation Bio will post -0.31 EPS for the current year.

Insider Buying and Selling

In other Nuvation Bio news, Director Xiangmin Cui bought 87,715 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average cost of $2.99 per share, with a total value of $262,267.85. Following the completion of the purchase, the director now directly owns 1,762,951 shares of the company’s stock, valued at $5,271,223.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Kim D. Blickenstaff purchased 172,189 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were acquired at an average price of $2.90 per share, for a total transaction of $499,348.10. Following the purchase, the director now directly owns 172,189 shares in the company, valued at $499,348.10. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Xiangmin Cui bought 87,715 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was bought at an average price of $2.99 per share, for a total transaction of $262,267.85. Following the completion of the purchase, the director now directly owns 1,762,951 shares in the company, valued at $5,271,223.49. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 596,778 shares of company stock valued at $1,765,500. 36.09% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Acadian Asset Management LLC boosted its holdings 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 valued at $4,273,000 after buying an additional 528,660 shares in the last quarter. Octagon Capital Advisors LP acquired a new stake in Nuvation Bio in the 4th quarter valued at about $1,510,000. Beacon Pointe Advisors LLC acquired a new stake in shares of Nuvation Bio during the 4th quarter worth about $33,000. Acuitas Investments LLC raised its stake in Nuvation Bio by 45.5% during the fourth quarter. Acuitas Investments LLC now owns 460,471 shares of the company’s stock worth $661,000 after purchasing an additional 143,972 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Nuvation Bio during the first quarter worth approximately $79,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Nuvation Bio Company Profile

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.