Nuvation Bio (NYSE:NUVB) Raised to “Moderate Buy” at Royal Bank Of Canada

Nuvation Bio (NYSE:NUVB) was upgraded by Royal Bank Of Canada from an “outperform” rating to a “moderate buy” rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $6.00 target price on the stock, down from their prior target price of $10.00. Royal Bank Of Canada’s price objective suggests a potential upside of 247.83% from the stock’s previous close.

A number of other research firms also recently issued reports on NUVB. Citigroup started coverage on shares of Nuvation Bio in a research report on Wednesday, April 23rd. They set an “outperform” rating for the company. Jones Trading started coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They set a “buy” rating and a $10.00 target price for the company. Citizens Jmp started coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued a “mkt outperform” rating and a $6.00 price target for the company. HC Wainwright decreased their price target on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 10th. Finally, JMP Securities restated a “market outperform” rating and issued a $6.00 price target on shares of Nuvation Bio in a report on Monday, June 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.17.

Nuvation Bio Stock Performance

NUVB opened at $1.73 on Tuesday. The firm has a 50 day moving average price of $2.15 and a 200 day moving average price of $2.28. The company has a market cap of $586.95 million, a PE ratio of -0.73 and a beta of 1.37. Nuvation Bio has a 1 year low of $1.54 and a 1 year high of $3.97.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.16). The firm had revenue of $3.08 million during the quarter, compared to the consensus estimate of $0.42 million. Nuvation Bio had a negative net margin of 5,534.21% and a negative return on equity of 44.14%. On average, sell-side analysts predict that Nuvation Bio will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other Nuvation Bio news, CEO David Hung bought 200,000 shares of Nuvation Bio stock in a transaction dated Friday, April 4th. The stock was bought at an average cost of $1.66 per share, for a total transaction of $332,000.00. Following the purchase, the chief executive officer now owns 58,481,054 shares in the company, valued at $97,078,549.64. This represents a 0.34% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dongfang Liu sold 20,000 shares of the stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $2.50, for a total value of $50,000.00. Following the transaction, the insider now owns 12,000 shares of the company’s stock, valued at approximately $30,000. This trade represents a 62.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvation Bio

Institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC lifted its stake in Nuvation Bio by 54.9% during the fourth quarter. FMR LLC now owns 45,285,572 shares of the company’s stock worth $120,460,000 after purchasing an additional 16,046,701 shares during the last quarter. Vanguard Group Inc. lifted its stake in Nuvation Bio by 45.4% during the fourth quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock worth $41,849,000 after purchasing an additional 4,913,820 shares during the last quarter. Geode Capital Management LLC lifted its stake in Nuvation Bio by 22.9% during the fourth quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company’s stock worth $13,174,000 after purchasing an additional 922,503 shares during the last quarter. MPM Bioimpact LLC lifted its stake in Nuvation Bio by 11.7% during the first quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company’s stock worth $8,188,000 after purchasing an additional 488,065 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Nuvation Bio by 52.4% during the first 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. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.