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

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by Wedbush in a research note issued on Friday,Benzinga reports. They currently have a $11.00 target price on the stock. Wedbush’s price target would indicate a potential upside of 159.80% from the company’s current price.

NUVB has been the topic of several other research reports. Royal Bank Of Canada raised their price target on shares of Nuvation Bio from $12.00 to $13.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 3rd. UBS Group dropped their target price on shares of Nuvation Bio from $10.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvation Bio in a research report on Thursday, January 22nd. Truist Financial set a $13.00 price target on shares of Nuvation Bio in a research note on Tuesday, January 27th. Finally, HC Wainwright lowered their price target on Nuvation Bio from $18.00 to $17.00 and set a “buy” rating for the company in a report on Monday, January 12th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.63.

Nuvation Bio Stock Performance

Shares of Nuvation Bio stock opened at $4.23 on Friday. The company has a quick ratio of 6.81, a current ratio of 6.95 and a debt-to-equity ratio of 0.15. The stock’s fifty day moving average is $5.21 and its two-hundred day moving average is $5.70. Nuvation Bio has a 52 week low of $1.54 and a 52 week high of $9.75. The company has a market capitalization of $1.47 billion, a PE ratio of -7.06 and a beta of 1.50.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NUVB. Corient Private Wealth LLC purchased a new stake in shares of Nuvation Bio during the 4th quarter worth $2,277,000. Invesco Ltd. boosted its position in Nuvation Bio by 138.2% during the fourth quarter. Invesco Ltd. now owns 1,185,143 shares of the company’s stock valued at $10,619,000 after purchasing an additional 687,597 shares in the last quarter. Beacon Pointe Advisors LLC grew its stake in Nuvation Bio by 60.4% in the fourth quarter. Beacon Pointe Advisors LLC now owns 259,212 shares of the company’s stock valued at $2,323,000 after purchasing an additional 97,612 shares during the last quarter. NewEdge Advisors LLC purchased a new position in Nuvation Bio in the fourth quarter valued at about $8,531,000. Finally, Voloridge Investment Management LLC bought a new position in Nuvation Bio in the fourth quarter worth about $3,664,000. 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.