HC Wainwright Forecasts Strong Price Appreciation for Nuvation Bio (NYSE:NUVB) Stock

Nuvation Bio (NYSE:NUVB - Get Free Report) had its target price hoisted by investment analysts at HC Wainwright from $10.00 to $11.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price objective indicates a potential upside of 297.83% from the company's current price.

Several other equities research analysts have also weighed in on NUVB. Royal Bank of Canada restated an "outperform" rating and issued a $10.00 target price (up from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Wedbush restated an "outperform" rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Monday, January 6th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $8.20.

Nuvation Bio Price Performance

NUVB traded up $0.12 during midday trading on Thursday, hitting $2.77. 2,539,494 shares of the company's stock traded hands, compared to its average volume of 3,251,815. The company has a market cap of $930.62 million, a PE ratio of -1.28 and a beta of 1.47. The stock's fifty day simple moving average is $2.74 and its 200-day simple moving average is $2.80. Nuvation Bio has a one year low of $1.52 and a one year high of $4.16.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $0.73 million for the quarter. On average, research analysts expect that Nuvation Bio will post -0.36 EPS for the current year.

Hedge Funds Weigh In On Nuvation Bio

Several large investors have recently bought and sold shares of the stock. FMR LLC increased its position in shares of Nuvation Bio by 1.4% during the third quarter. FMR LLC now owns 29,238,871 shares of the company's stock valued at $66,957,000 after purchasing an additional 416,932 shares during the period. State Street Corp boosted its stake in Nuvation Bio by 4.8% during the third quarter. State Street Corp now owns 4,166,441 shares of the company's stock worth $9,541,000 after buying an additional 191,031 shares in the last quarter. Geode Capital Management LLC increased its holdings in Nuvation Bio by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company's stock valued at $9,227,000 after buying an additional 196,247 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Nuvation Bio by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company's stock valued at $3,192,000 after buying an additional 60,590 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. bought a new position in shares of Nuvation Bio during the 3rd quarter worth about $2,790,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.