Nuvation Bio (NYSE:NUVB) Receives Outperform Rating from Wedbush

Key Points

• Wedbush reiterated its “outperform” rating on Nuvation Bio and set an $11 price target, implying approximately 90% upside from the stock’s $5.79 opening price. Analysts overall have a “Moderate Buy” consensus with a $13 average target.
• Nuvation Bio reported quarterly revenue of $31.69 million, exceeding estimates, but its adjusted loss of $0.15 per share was slightly wider than expected. The company remains unprofitable, with analysts forecasting a full-year loss of $0.34 per share.
• Insiders sold 335,668 shares worth approximately $2.13 million over the past 90 days, while hedge funds and other institutional investors own 61.67% of the stock.

Nuvation Bio (NYSE:NUVB - Get Free Report)'s stock had its "outperform" rating restated by equities researchers at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $11.00 price target on the stock. Wedbush's target price would suggest a potential upside of 89.82% from the company's current price.

A number of other research firms also recently commented on NUVB. Truist Financial boosted their target price on Nuvation Bio from $12.00 to $13.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. B. Riley Financial reaffirmed a "buy" rating on shares of Nuvation Bio in a report on Friday, August 7th. Zacks Research raised shares of Nuvation Bio from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Cantor Fitzgerald initiated coverage on shares of Nuvation Bio in a research report on Friday, August 21st. They issued an "overweight" rating on the stock. Finally, Royal Bank Of Canada increased their price objective on shares of Nuvation Bio from $19.00 to $20.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Nuvation Bio presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

Nuvation Bio Price Performance

NUVB stock opened at $5.79 on Wednesday. The company has a market capitalization of $2.03 billion, a PE ratio of -13.17 and a beta of 1.52. The company's fifty day moving average price is $6.44 and its 200-day moving average price is $5.42. 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.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The company had revenue of $31.69 million for the quarter, compared to the consensus estimate 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 anticipate that Nuvation Bio will post -0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Nuvation Bio news, insider Gary Hattersley sold 100,000 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $7.09, for a total transaction of $709,000.00. Following the transaction, the insider owned 100,000 shares in the company, valued at $709,000. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kerry Wentworth sold 63,000 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $6.02, for a total transaction of $379,260.00. Following the completion of the sale, the insider owned 53,000 shares of the company's stock, valued at $319,060. This trade represents a 54.31% 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 90 days, insiders have sold 335,668 shares of company stock worth $2,128,495. 30.11% of the stock is currently owned by corporate insiders.

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV purchased a new position in shares of Nuvation Bio during the first quarter valued at approximately $37,000. Patriot Financial Group Insurance Agency LLC bought a new position in Nuvation Bio in the 1st quarter valued at $43,000. Tortoise Investment Management LLC bought a new position in Nuvation Bio in the 2nd quarter valued at $78,000. Revisor Wealth Management LLC increased its stake in Nuvation Bio by 40.3% in 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 during the period. Finally, Concurrent Investment Advisors LLC bought a new stake in shares of Nuvation Bio during the second quarter worth $83,000. 61.67% of the stock is owned by hedge funds and other institutional investors.

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.

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