Nuvation Bio (NYSE:NUVB) Stock Price Target Lowered at Royal Bank Of Canada

Nuvation Bio (NYSE:NUVB) had its target price lowered by investment analysts at Royal Bank Of Canada from $20.00 to $17.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada‘s target price would suggest a potential upside of 289.46% from the company’s current price.

Several other equities research analysts have also recently issued reports on NUVB. Wall Street Zen cut shares of Nuvation Bio from a “hold” rating to a “sell” rating in a research note on Saturday, October 10th. B. Riley Financial reaffirmed a “buy” rating on shares of Nuvation Bio in a report on Friday, August 7th. HC Wainwright increased their target price on shares of Nuvation Bio from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. started coverage on shares of Nuvation Bio in a research note on Tuesday, August 18th. They issued an “overweight” rating and a $13.00 price target on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nuvation Bio in a research report on Thursday, October 15th. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nuvation Bio currently has an average rating of “Moderate Buy” and a consensus target price of $12.89.

Nuvation Bio Price Performance

Shares of NYSE NUVB traded down $0.36 during midday trading on Thursday, hitting $4.37. The stock had a trading volume of 5,518,583 shares, compared to its average volume of 5,496,138. The company has a market capitalization of $1.53 billion, a PE ratio of -9.95 and a beta of 1.73. The stock has a 50 day simple moving average of $5.50 and a 200-day simple moving average of $5.39. Nuvation Bio has a 1 year low of $4.05 and a 1 year high of $9.75. The company has a quick ratio of 8.14, a current ratio of 8.37 and a debt-to-equity ratio of 0.96.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings results on Wednesday, November 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.12). Nuvation Bio had a negative return on equity of 46.59% and a negative net margin of 88.18%. The firm had revenue of $44.95 million for the quarter, compared to analyst estimates of $34.39 million. On average, sell-side analysts expect that Nuvation Bio will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Gary Hattersley sold 100,000 shares of Nuvation Bio stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $7.09, for a total transaction of $709,000.00. Following the transaction, the insider owned 100,000 shares in the company, valued at approximately $709,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 30.11% of the company’s stock.

Institutional Trading of Nuvation Bio

Several large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp acquired a new stake in shares of Nuvation Bio in the 2nd quarter worth $3,804,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Nuvation Bio by 75.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,439,357 shares of the company’s stock valued at $6,175,000 after acquiring an additional 619,725 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Nuvation Bio during the 1st quarter valued at about $2,399,000. Torray Investment Partners LLC acquired a new position in shares of Nuvation Bio during the 3rd quarter valued at about $1,539,000. Finally, NewEdge Advisors LLC grew its holdings in shares of Nuvation Bio by 19.5% in the second quarter. NewEdge Advisors LLC now owns 1,231,733 shares of the company’s stock valued at $6,996,000 after purchasing an additional 200,621 shares during the period. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

Key Nuvation Bio News

Here are the key news stories impacting Nuvation Bio this week:

• Positive Sentiment: Third-quarter revenue was $45.0 million, above the $34.39 million analyst estimate. IBTROZI net product revenue was $27.5 million, with sales up 18% sequentially; the company said the drug leads the ROS1 market in new patient starts and active patients. Company earnings release
• Positive Sentiment: The FDA approved an IBTROZI label update reflecting a 49.7-month median duration of response in TKI-naïve patients, and granted Fast Track Designation to safusidenib for IDH1-mutant glioma. Nuvation Bio also reported $663.4 million in cash, equivalents and marketable securities at quarter-end. Company earnings release
• Positive Sentiment: The company outlined the possibility of European approval for IBTROZI in the first half of next year, which could bring an approximately $30 million milestone payment. European approval and milestone outlook
• Negative Sentiment: Nuvation Bio reported a loss of $0.12 per share. That matched one consensus estimate but was slightly worse than Zacks’ estimate of a $0.11 loss, although the loss narrowed from $0.16 a year earlier. Zacks earnings report
• Negative Sentiment: B. Riley lowered its price target to $13 from $14, while maintaining its Buy rating. The reduced target may have tempered investor sentiment despite the continued positive rating. B. Riley price target update

About Nuvation Bio

Nuvation Bio, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for patients with cancer. The company seeks to address areas of significant unmet need, with an emphasis on targeted therapies for solid tumors.

Nuvation Bio’s lead product is taletrectinib, a next-generation tyrosine kinase inhibitor designed for patients with ROS1-positive non-small cell lung cancer (NSCLC), including certain tumors that have developed resistance to earlier ROS1-targeted treatments.