Royal Bank of Canada Increases Nuvation Bio (NYSE:NUVB) Price Target to $5.00

Nuvation Bio (NYSE:NUVB) had its target price lifted by equities research analysts at Royal Bank of Canada from $4.00 to $5.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 94.55% from the stock’s previous close.

A number of other brokerages also recently commented on NUVB. HC Wainwright boosted their price objective on shares of Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Wedbush reaffirmed an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research report on Friday, March 1st. BTIG Research upgraded Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a report on Tuesday, March 26th. Finally, Jefferies Financial Group upgraded Nuvation Bio from a “hold” rating to a “buy” rating and increased their price objective for the company from $1.40 to $10.00 in a report on Wednesday, March 27th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $6.60.

Nuvation Bio Stock Performance

Nuvation Bio stock opened at $2.57 on Wednesday. The company has a market capitalization of $560.39 million, a PE ratio of -7.56 and a beta of 1.37. Nuvation Bio has a fifty-two week low of $0.95 and a fifty-two week high of $4.16. The company has a 50 day moving average price of $2.47 and a 200-day moving average price of $1.76.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. On average, analysts forecast that Nuvation Bio will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On Nuvation Bio

Hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its position in shares of Nuvation Bio by 219.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 738,831 shares of the company’s stock valued at $1,116,000 after acquiring an additional 507,452 shares during the period. Hsbc Holdings PLC increased its position in shares of Nuvation Bio by 56.1% in the 3rd quarter. Hsbc Holdings PLC now owns 174,827 shares of the company’s stock valued at $238,000 after acquiring an additional 62,844 shares during the period. SG Americas Securities LLC increased its position in shares of Nuvation Bio by 921.4% in the 3rd quarter. SG Americas Securities LLC now owns 110,226 shares of the company’s stock valued at $148,000 after acquiring an additional 99,434 shares during the period. Exchange Traded Concepts LLC increased its position in shares of Nuvation Bio by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 107,843 shares of the company’s stock valued at $163,000 after acquiring an additional 27,346 shares during the period. Finally, Clarius Group LLC acquired a new position in shares of Nuvation Bio in the 3rd quarter valued at $26,000. 61.67% of the stock is 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.