Wedbush Reaffirms “Outperform” Rating for Nuvation Bio (NYSE:NUVB)

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by research analysts at Wedbush in a research note issued on Thursday,Benzinga reports. They presently have a $11.00 target price on the stock. Wedbush’s price target would suggest a potential upside of 70.67% from the stock’s current price.

Other analysts have also recently issued research reports about the company. HC Wainwright reiterated a “buy” rating and set a $17.00 price objective on shares of Nuvation Bio in a research report on Tuesday, May 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvation Bio in a research note on Friday, July 17th. Zacks Research raised shares of Nuvation Bio from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Truist Financial upped their price target on shares of Nuvation Bio from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Nuvation Bio in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $12.38.

Nuvation Bio Trading Down 0.7%

Shares of NUVB stock opened at $6.45 on Thursday. The company has a current ratio of 7.44, a quick ratio of 7.24 and a debt-to-equity ratio of 0.15. Nuvation Bio has a 12-month low of $2.18 and a 12-month high of $9.75. The stock has a market capitalization of $2.24 billion, a P/E ratio of -14.99 and a beta of 1.52. The firm’s 50 day moving average is $5.39 and its 200 day moving average is $5.30.

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

Insider Buying and Selling

In other Nuvation Bio news, insider Stacy Markel sold 125,000 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total transaction of $753,750.00. Following the completion of the sale, the insider owned 32,591 shares of the company’s stock, valued at approximately $196,523.73. The trade was a 79.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philippe Sauvage sold 47,668 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $6.01, for a total value of $286,484.68. Following the completion of the sale, the chief financial officer owned 12,673 shares of the company’s stock, valued at approximately $76,164.73. The trade was a 79.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 235,668 shares of company stock worth $1,419,495. Company insiders own 30.11% of the company’s stock.

Institutional Investors Weigh In On Nuvation Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NUVB. Rangeley Capital LLC purchased a new position in Nuvation Bio during the second quarter valued at approximately $25,000. Parallel Advisors LLC increased its stake in shares of Nuvation Bio by 51.9% in the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock worth $28,000 after purchasing an additional 2,597 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of Nuvation Bio during the 2nd quarter valued at $29,000. Captrust Financial Advisors bought a new stake in shares of Nuvation Bio during the 2nd quarter valued at $32,000. Finally, KBC Group NV purchased a new position in shares of Nuvation Bio during the 1st quarter valued at $37,000. Institutional investors own 61.67% of the company’s stock.

Nuvation Bio Company Profile

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.