Nuvation Bio’s (NUVB) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Nuvation Bio (NYSE:NUVB) in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a $11.00 price objective on the stock.

Several other brokerages have also recently commented on NUVB. HC Wainwright restated a “buy” rating and set a $17.00 price objective on shares of Nuvation Bio in a research note on Tuesday, May 5th. Zacks Research raised shares of Nuvation Bio from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvation Bio in a research report on Friday, July 17th. Citigroup reaffirmed a “market outperform” rating on shares of Nuvation Bio in a report on Wednesday, June 10th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Nuvation Bio in a research report on Wednesday. Eight equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.38.

Nuvation Bio Trading Down 0.8%

Shares of NYSE:NUVB opened at $6.50 on Thursday. The company has a quick ratio of 7.24, a current ratio of 7.44 and a debt-to-equity ratio of 0.15. Nuvation Bio has a 52-week low of $2.18 and a 52-week high of $9.75. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -15.11 and a beta of 1.52. The business has a 50-day moving average price of $5.35 and a 200-day moving average price of $5.30.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Monday, May 4th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. Nuvation Bio had a negative return on equity of 44.10% and a negative net margin of 102.06%.The firm had revenue of $83.23 million for the quarter, compared to analyst estimates of $66.22 million. Equities analysts predict that Nuvation Bio will post -0.39 EPS for the current year.

Insider Activity

In related news, insider Kerry Wentworth sold 63,000 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $6.02, for a total value of $379,260.00. Following the completion of the transaction, the insider directly owned 53,000 shares in the company, valued at $319,060. The trade was a 54.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Mashal purchased 25,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were purchased at an average cost of $4.73 per share, for a total transaction of $118,250.00. Following the completion of the acquisition, the director directly owned 225,000 shares of the company’s stock, valued at $1,064,250. This represents a 12.50% increase in their position. The SEC filing for this purchase provides additional information. Insiders sold 235,668 shares of company stock valued at $1,419,495 in the last quarter. Company insiders own 30.11% of the company’s stock.

Institutional Investors Weigh In On Nuvation Bio

A number of institutional investors have recently modified their holdings of NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Nuvation Bio by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company’s stock valued at $191,000 after purchasing an additional 4,608 shares in the last quarter. Millennium Management LLC boosted its position 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 in the last quarter. Envestnet Asset Management Inc. purchased a new position in Nuvation Bio during the second quarter worth approximately $92,000. Creative Planning grew its holdings in Nuvation Bio by 267.1% in the second quarter. Creative Planning now owns 39,288 shares of the company’s stock valued at $77,000 after purchasing an additional 28,585 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in Nuvation Bio in the second quarter valued at approximately $29,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.