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

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

A number of other analysts have also issued reports on the company. HC Wainwright reissued a buy rating and issued a $8.00 price target on shares of Nuvation Bio in a research note on Wednesday, July 17th. Royal Bank of Canada restated an outperform rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Tuesday, August 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Nuvation Bio has a consensus rating of Buy and a consensus price target of $6.60.

Nuvation Bio Price Performance

Shares of NYSE NUVB opened at $3.05 on Wednesday. The company has a market cap of $760.18 million, a PE ratio of -9.84 and a beta of 1.38. The company has a 50-day simple moving average of $3.13 and a 200-day simple moving average of $2.98. Nuvation Bio has a 12 month low of $0.95 and a 12 month high of $4.16.

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

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, Director Xiangmin Cui bought 336,874 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was purchased at an average price of $2.98 per share, with a total value of $1,003,884.52. Following the transaction, the director now owns 2,175,236 shares in the company, valued at $6,482,203.28. The transaction 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.

Institutional Trading of Nuvation Bio

Several large investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. acquired a new position in shares of Nuvation Bio during the second quarter worth about $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of Nuvation Bio by 913.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after buying an additional 10,000 shares during the period. Beacon Pointe Advisors LLC acquired a new position in Nuvation Bio during the 4th quarter worth approximately $33,000. Xponance Inc. purchased a new position in Nuvation Bio in the 2nd quarter worth approximately $33,000. Finally, Caxton Associates LP acquired a new stake in Nuvation Bio in the second quarter valued at approximately $43,000. 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.