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

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a research note issued on Thursday,Benzinga reports. They presently have a $11.00 price target on the stock. Wedbush’s target price points to a potential upside of 145.26% from the stock’s current price.

Several other brokerages also recently weighed in on NUVB. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvation Bio in a report on Thursday, January 22nd. UBS Group dropped their price objective on Nuvation Bio from $10.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, March 3rd. Truist Financial set a $13.00 target price on Nuvation Bio in a research note on Tuesday, January 27th. HC Wainwright decreased their target price on Nuvation Bio from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, January 12th. Finally, Royal Bank Of Canada boosted their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Nuvation Bio Stock Performance

Shares of NYSE:NUVB opened at $4.49 on Thursday. The company has a current ratio of 6.95, a quick ratio of 6.81 and a debt-to-equity ratio of 0.15. Nuvation Bio has a 12 month low of $1.54 and a 12 month high of $9.75. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of -7.47 and a beta of 1.61. The firm’s 50-day moving average is $5.11 and its 200 day moving average is $5.72.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.11). Nuvation Bio had a negative net margin of 325.31% and a negative return on equity of 57.48%. The business had revenue of $41.87 million during the quarter, compared to the consensus estimate of $36.82 million. Research analysts predict that Nuvation Bio will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rangeley Capital LLC purchased a new position in Nuvation Bio during the second quarter valued at approximately $25,000. Parallel Advisors LLC increased its holdings in shares of Nuvation Bio by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after purchasing an additional 2,597 shares in the last quarter. Cetera Investment Advisers acquired a new position in shares of Nuvation Bio in the 2nd quarter valued at $29,000. Captrust Financial Advisors acquired a new position in shares of Nuvation Bio in the 2nd quarter valued at $32,000. Finally, Swiss Life Asset Management Ltd purchased a new stake in Nuvation Bio during the third quarter worth $39,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

About Nuvation Bio

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.