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

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reaffirmed by Wedbush in a research note issued on Thursday,RTT News reports. They presently have a $5.00 price objective on the stock. Wedbush’s price objective points to a potential upside of 166.67% from the company’s current price.

A number of other research analysts also recently issued reports on NUVB. Jones Trading started coverage on Nuvation Bio in a report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price target for the company. HC Wainwright lowered their price target on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Nuvation Bio has an average rating of “Buy” and a consensus target price of $9.00.

Nuvation Bio Trading Down 0.3 %

Shares of NUVB traded down $0.01 during mid-day trading on Thursday, hitting $1.88. The company’s stock had a trading volume of 1,603,080 shares, compared to its average volume of 1,917,497. The firm has a market capitalization of $635.02 million, a price-to-earnings ratio of -0.86 and a beta of 1.47. The company’s 50-day moving average is $2.21 and its 200-day moving average is $2.50. Nuvation Bio has a 52-week low of $1.71 and a 52-week high of $4.16.

Institutional Investors Weigh In On Nuvation Bio

A number of hedge funds have recently modified their holdings of the business. FMR LLC grew its stake in Nuvation Bio by 54.9% during the 4th quarter. FMR LLC now owns 45,285,572 shares of the company’s stock valued at $120,460,000 after acquiring an additional 16,046,701 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Nuvation Bio by 45.4% during the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock worth $41,849,000 after buying an additional 4,913,820 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Nuvation Bio by 22.9% in the 4th quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company’s stock worth $13,174,000 after acquiring an additional 922,503 shares during the last quarter. State Street Corp grew its position in Nuvation Bio by 4.8% in the 3rd quarter. State Street Corp now owns 4,166,441 shares of the company’s stock valued at $9,541,000 after acquiring an additional 191,031 shares in the last quarter. Finally, MPM Bioimpact LLC acquired a new position in shares of Nuvation Bio in the fourth quarter worth $11,077,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.