HC Wainwright Reaffirms "Buy" Rating for Nuvation Bio (NYSE:NUVB)

Nuvation Bio (NYSE:NUVB - Get Free Report)'s stock had its "buy" rating reiterated by analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright's target price would indicate a potential upside of 147.35% from the stock's previous close.

Several other analysts also recently issued reports on the company. Wedbush restated an "outperform" rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Monday, December 23rd. Royal Bank of Canada boosted their target price on shares of Nuvation Bio from $5.00 to $6.00 and gave the company an "outperform" rating in a research report on Thursday, November 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $6.60.

Nuvation Bio Stock Performance

NUVB traded down $0.06 during trading hours on Monday, reaching $2.83. The company's stock had a trading volume of 2,803,863 shares, compared to its average volume of 2,269,721. The company's 50-day moving average is $2.71 and its 200-day moving average is $2.82. Nuvation Bio has a 52 week low of $1.43 and a 52 week high of $4.16. The firm has a market cap of $952.48 million, a PE ratio of -1.30 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. Equities analysts anticipate that Nuvation Bio will post -0.4 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert Mashal bought 100,000 shares of the firm's stock in a transaction on Tuesday, October 8th. The shares were purchased at an average cost of $2.20 per share, with a total value of $220,000.00. Following the acquisition, the director now directly owns 100,000 shares in the company, valued at $220,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.07% of the company's stock.

Institutional Trading of Nuvation Bio

Several large investors have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. acquired a new position in Nuvation Bio during the third quarter valued at approximately $2,790,000. Dimensional Fund Advisors LP raised its holdings in shares of Nuvation Bio by 415.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company's stock worth $2,975,000 after buying an additional 820,669 shares in the last quarter. Wexford Capital LP lifted its position in shares of Nuvation Bio by 930.2% during the 3rd quarter. Wexford Capital LP now owns 651,767 shares of the company's stock worth $1,493,000 after buying an additional 588,500 shares during the last quarter. FMR LLC boosted its stake in Nuvation Bio by 1.4% in the third quarter. FMR LLC now owns 29,238,871 shares of the company's stock valued at $66,957,000 after buying an additional 416,932 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Nuvation Bio by 479.1% in the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company's stock valued at $1,014,000 after acquiring an additional 366,429 shares during the last quarter. Institutional investors and hedge funds own 61.67% of the company's stock.

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.