Nuvation Bio's (NUVB) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Nuvation Bio (NYSE:NUVB - Free Report) in a research report sent to investors on Tuesday,Benzinga reports. They currently have a $10.00 target price on the stock, up from their previous target price of $6.00.

A number of other research firms also recently commented on NUVB. Wedbush reissued an "outperform" rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Monday. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Nuvation Bio in a report on Monday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $7.40.

Nuvation Bio Price Performance

Shares of NUVB traded up $0.38 during trading hours on Tuesday, reaching $3.22. 7,846,635 shares of the company's stock traded hands, compared to its average volume of 3,663,883. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.48 and a beta of 1.47. The business's fifty day simple moving average is $2.71 and its two-hundred day simple moving average is $2.82. Nuvation Bio has a twelve month low of $1.43 and a twelve month high of $4.16.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. On average, equities research analysts expect that Nuvation Bio will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. acquired a new position in Nuvation Bio in the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of Nuvation Bio by 913.2% during the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company's stock worth $32,000 after acquiring an additional 10,000 shares in the last quarter. Xponance Inc. acquired a new stake in Nuvation Bio during the second quarter valued at $33,000. Caxton Associates LP purchased a new position in Nuvation Bio in the second quarter valued at about $43,000. Finally, Choreo LLC acquired a new position in Nuvation Bio in the 2nd quarter worth about $47,000. 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.