Nuvation Bio (NYSE:NUVB) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Nuvation Bio (NYSE:NUVB) posted its quarterly earnings results on Monday. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.04, FiscalAI reports. Nuvation Bio had a negative return on equity of 57.48% and a negative net margin of 325.31%.The business had revenue of $83.23 million for the quarter, compared to analyst estimates of $65.73 million.

Nuvation Bio Trading Down 0.9%

Shares of NYSE NUVB traded down $0.04 during trading on Monday, hitting $4.45. 7,722,027 shares of the company were exchanged, compared to its average volume of 4,872,516. The company has a fifty day moving average price of $4.72 and a 200-day moving average price of $5.92. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.81 and a current ratio of 6.95. The firm has a market capitalization of $1.55 billion, a PE ratio of -7.42 and a beta of 1.51. Nuvation Bio has a 12-month low of $1.57 and a 12-month high of $9.75.

Insider Transactions at Nuvation Bio

In related news, insider Kerry Wentworth sold 36,750 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $5.01, for a total transaction of $184,117.50. Following the completion of the sale, the insider directly owned 53,000 shares of the company’s stock, valued at approximately $265,530. This trade represents a 40.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Dongfang Liu sold 50,000 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the insider directly owned 18,000 shares of the company’s stock, valued at $90,360. The trade was a 73.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 286,750 shares of company stock valued at $1,339,118 over the last three months. Corporate insiders own 30.11% of the company’s stock.

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently modified their holdings of NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Nuvation Bio by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company’s stock worth $191,000 after purchasing an additional 4,608 shares during the last quarter. Millennium Management LLC increased its position in shares of Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock worth $6,642,000 after purchasing an additional 1,298,131 shares during the last quarter. Envestnet Asset Management Inc. acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $92,000. Creative Planning increased its position in shares of Nuvation Bio by 267.1% during the 2nd quarter. Creative Planning now owns 39,288 shares of the company’s stock worth $77,000 after purchasing an additional 28,585 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $29,000. 61.67% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NUVB has been the topic of several analyst reports. Truist Financial set a $13.00 price target on Nuvation Bio in a report on Tuesday, January 27th. HC Wainwright reduced their price target on Nuvation Bio from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Monday, January 12th. Wedbush reiterated an “outperform” rating and set a $11.00 price target on shares of Nuvation Bio in a report on Thursday, April 16th. Royal Bank Of Canada lifted their price target on Nuvation Bio from $12.00 to $13.00 and gave the stock an “outperform” rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvation Bio in a report on Tuesday, April 21st. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $11.63.

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.