Nuvation Bio (NYSE:NUVB) Earns Outperform Rating from Royal Bank of Canada

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a note issued to investors on Tuesday,Benzinga reports. They currently have a $10.00 price objective on the stock, up from their previous price objective of $6.00. Royal Bank of Canada’s price target suggests a potential upside of 233.33% from the stock’s current price.

Other research analysts have also issued research reports about the company. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Nuvation Bio in a research report on Monday. Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Monday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Nuvation Bio presently has an average rating of “Buy” and a consensus target price of $7.40.

Nuvation Bio Price Performance

NYSE NUVB opened at $3.00 on Tuesday. Nuvation Bio has a 1-year low of $1.43 and a 1-year high of $4.16. The business has a 50 day simple moving average of $2.74 and a two-hundred day simple moving average of $2.82. The stock has a market capitalization of $1.01 billion, a PE ratio of -1.38 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $0.73 million for the quarter. On average, analysts anticipate that Nuvation Bio will post -0.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its position in shares of Nuvation Bio by 479.1% during the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock worth $1,014,000 after purchasing an additional 366,429 shares during the last quarter. Geode Capital Management LLC boosted its position in Nuvation Bio by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after buying an additional 196,247 shares during the period. Frazier Life Sciences Management L.P. bought a new position in Nuvation Bio in the 3rd quarter worth about $2,790,000. XTX Topco Ltd purchased a new position in shares of Nuvation Bio during the third quarter worth approximately $302,000. Finally, Zacks Investment Management raised its stake in shares of Nuvation Bio by 21.5% during the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after acquiring an additional 6,394 shares in the last quarter. 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.