HC Wainwright Issues Positive Forecast for Nuvation Bio (NYSE:NUVB) Stock Price

Key Points

• HC Wainwright raised its price target for Nuvation Bio from $17 to $21 and maintained a “buy” rating, implying 225.83% upside from the prior close.
• Analyst sentiment is broadly positive, with eight buy ratings, two holds, and one sell; the consensus rating is “Moderate Buy” with an average price target of $12.88.
• Nuvation Bio reported quarterly EPS of $0.01, beating the $0.03 loss analysts expected, while revenue of $83.23 million exceeded the $66.22 million consensus estimate. Insiders nevertheless sold 235,668 shares worth approximately $1.42 million during the quarter.

Nuvation Bio (NYSE:NUVB - Get Free Report) had its target price hoisted by equities researchers at HC Wainwright from $17.00 to $21.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price target would suggest a potential upside of 225.83% from the stock's previous close.

Several other research firms have also recently weighed in on NUVB. Royal Bank Of Canada restated an "outperform" rating on shares of Nuvation Bio in a research note on Wednesday. Truist Financial increased their price target on shares of Nuvation Bio from $12.00 to $13.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Wedbush reissued an "outperform" rating and set a $11.00 price objective on shares of Nuvation Bio in a report on Thursday. Citigroup restated a "market outperform" rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Nuvation Bio in a report on Friday, July 17th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.88.

Nuvation Bio Stock Up 0.4%

Nuvation Bio stock opened at $6.45 on Monday. The stock has a market cap of $2.24 billion, a PE ratio of -14.99 and a beta of 1.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 7.44 and a quick ratio of 7.24. The stock's fifty day moving average is $5.39 and its two-hundred day moving average is $5.28. Nuvation Bio has a 1-year low of $2.18 and a 1-year high of $9.75.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.04. Nuvation Bio had a negative return on equity of 44.10% and a negative net margin of 102.06%.The business had revenue of $83.23 million during the quarter, compared to analysts' expectations of $66.22 million. On average, sell-side analysts expect that Nuvation Bio will post -0.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Philippe Sauvage sold 47,668 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.01, for a total value of $286,484.68. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stacy Markel sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total value of $753,750.00. Following the sale, the insider 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 235,668 shares of company stock valued at $1,419,495. Company insiders own 30.11% of the company's stock.

Institutional Investors Weigh In On Nuvation Bio

A number of hedge funds have recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its holdings in shares of Nuvation Bio by 9.8% in the 4th quarter. HighTower Advisors LLC now owns 22,457 shares of the company's stock valued at $201,000 after buying an additional 2,007 shares during the period. Tema ETFs LLC boosted its stake in shares of Nuvation Bio by 0.7% in the second quarter. Tema ETFs LLC now owns 395,313 shares of the company's stock valued at $2,245,000 after buying an additional 2,559 shares in the last quarter. Parallel Advisors LLC grew its holdings in Nuvation Bio by 51.9% during the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company's stock worth $28,000 after acquiring an additional 2,597 shares during the period. Russell Investments Group Ltd. raised its position in Nuvation Bio by 17.7% in the fourth quarter. Russell Investments Group Ltd. now owns 24,456 shares of the company's stock worth $219,000 after acquiring an additional 3,681 shares in the last quarter. Finally, Meridian Wealth Management LLC raised its position in Nuvation Bio by 3.8% in the fourth quarter. Meridian Wealth Management LLC now owns 113,565 shares of the company's stock worth $1,018,000 after acquiring an additional 4,200 shares in the last quarter. Institutional investors and hedge funds 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.

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