Brokerages Set Nuvation Bio Inc. (NYSE:NUVB) Target Price at $7.83

Shares of Nuvation Bio Inc. (NYSE:NUVB) have been assigned a consensus recommendation of “Buy” from the six research firms that are currently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $7.83.

NUVB has been the subject of a number of research reports. Jones Trading began coverage on shares of Nuvation Bio in a research note on Wednesday, March 12th. They set a “buy” rating and a $10.00 target price for the company. Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Thursday, May 15th. HC Wainwright reduced their target price on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 10th. Citizens Jmp began coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They issued a “mkt outperform” rating and a $6.00 target price on the stock. Finally, JMP Securities initiated coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They set a “market outperform” rating and a $6.00 price target for the company.

Insider Activity

In other Nuvation Bio news, CEO David Hung bought 300,000 shares of Nuvation Bio stock in a transaction on Monday, April 7th. The shares were bought at an average cost of $1.62 per share, for a total transaction of $486,000.00. Following the acquisition, the chief executive officer now directly owns 58,781,054 shares in the company, valued at $95,225,307.48. This represents a 0.51% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dongfang Liu sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the transaction, the insider now directly owns 12,000 shares of the company’s stock, valued at $30,000. This represents a 62.50% decrease in their position. The disclosure for this sale can be found here. Insiders own 29.93% of the company’s stock.

Institutional Trading of Nuvation Bio

A number of large investors have recently modified their holdings of NUVB. Legal & General Group Plc boosted its holdings in Nuvation Bio by 38.8% in the fourth quarter. Legal & General Group Plc now owns 224,827 shares of the company’s stock valued at $598,000 after purchasing an additional 62,877 shares during the period. JPMorgan Chase & Co. raised its position in Nuvation Bio by 479.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock valued at $1,014,000 after purchasing an additional 366,429 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Nuvation Bio by 45.4% in the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock valued at $41,849,000 after buying an additional 4,913,820 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Nuvation Bio during the fourth quarter worth about $116,000. Finally, Peapod Lane Capital LLC purchased a new stake in shares of Nuvation Bio during the fourth quarter worth approximately $1,042,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Nuvation Bio Stock Performance

NUVB opened at $2.16 on Friday. The company has a fifty day moving average of $2.00 and a two-hundred day moving average of $2.35. The stock has a market capitalization of $734.97 million, a price-to-earnings ratio of -1.00 and a beta of 1.42. Nuvation Bio has a fifty-two week low of $1.54 and a fifty-two week high of $3.97.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, May 7th. The company reported ($0.16) EPS for the quarter, meeting analysts’ consensus estimates of ($0.16). The business had revenue of $3.08 million for the quarter, compared to analyst estimates of $0.42 million. On average, equities research analysts forecast that Nuvation Bio will post -0.36 earnings per share for the current year.

About Nuvation Bio

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.