Citizens Jmp Reaffirms Market Outperform Rating for Nuvation Bio (NYSE:NUVB)

Key Points

• Citizens JMP reaffirmed its “market outperform” rating on Nuvation Bio and set a $10 price target, implying 72.56% upside from the prior close.
• Analyst sentiment is broadly positive: 10 analysts rate the stock Buy, two Hold, and one Sell, producing a “Moderate Buy” consensus and an average $13 target.
• Nuvation Bio reported a quarterly EPS loss of $0.15, slightly worse than expectations, though revenue of $31.69 million exceeded estimates. The stock opened at $5.79 and was down 2.4%.

Nuvation Bio (NYSE:NUVB - Get Free Report)'s stock had its "market outperform" rating restated by research analysts at Citizens Jmp in a report issued on Wednesday, Benzinga reports. They currently have a $10.00 target price on the stock. Citizens Jmp's price objective suggests a potential upside of 72.56% from the company's previous close.

Other research analysts also recently issued reports about the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nuvation Bio in a report on Friday, July 17th. Truist Financial upped their price target on shares of Nuvation Bio from $12.00 to $13.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Citigroup restated a "market outperform" rating on shares of Nuvation Bio in a research report on Wednesday. B. Riley Financial restated a "buy" rating on shares of Nuvation Bio in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. began coverage on shares of Nuvation Bio in a report on Tuesday, August 18th. They set an "overweight" rating and a $13.00 target price for the company. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $13.00.

Nuvation Bio Stock Down 2.4%

NUVB opened at $5.79 on Wednesday. Nuvation Bio has a one year low of $2.99 and a one year high of $9.75. The company has a debt-to-equity ratio of 0.96, a quick ratio of 8.14 and a current ratio of 8.37. The company has a market capitalization of $2.03 billion, a PE ratio of -13.17 and a beta of 1.52. The stock's fifty day moving average is $6.44 and its 200-day moving average is $5.42.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The business had revenue of $31.69 million during the quarter, compared to analyst estimates of $27.03 million. Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. On average, equities analysts predict that Nuvation Bio will post -0.34 EPS for the current fiscal year.

Insider Transactions at Nuvation Bio

In related news, insider Stacy Markel sold 125,000 shares of Nuvation Bio stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $6.03, for a total transaction of $753,750.00. Following the completion of the transaction, the insider directly owned 32,591 shares of the company's stock, valued at $196,523.73. This trade represents a 79.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Gary Hattersley sold 100,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $7.09, for a total value of $709,000.00. Following the completion of the sale, the insider owned 100,000 shares of the company's stock, valued at $709,000. This trade represents a 50.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 335,668 shares of company stock worth $2,128,495 in the last three months. 30.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nuvation Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV bought a new stake in shares of Nuvation Bio in the 1st quarter worth $37,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Nuvation Bio in the 1st quarter worth $43,000. Tortoise Investment Management LLC purchased a new position in Nuvation Bio in the 2nd quarter worth $78,000. Concurrent Investment Advisors LLC purchased a new position in Nuvation Bio in the second quarter valued at $83,000. Finally, Revisor Wealth Management LLC increased its position in shares of Nuvation Bio by 40.3% during the first quarter. Revisor Wealth Management LLC now owns 18,520 shares of the company's stock worth $79,000 after purchasing an additional 5,317 shares in the last quarter. 61.67% of the stock is currently owned by institutional investors and hedge funds.

About Nuvation Bio

Nuvation Bio Inc is a biopharmaceutical company focused on discovering and developing medicines for patients with cancer. The company applies drug discovery, translational research and clinical development capabilities to pursue therapies for cancers with significant unmet medical needs.

Nuvation Bio's pipeline has included investigational small-molecule oncology therapies, including NUV-422, a cyclin-dependent kinase inhibitor designed to target pathways involved in cancer cell growth.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.