Nuvation Bio Inc. (NYSE:NUVB) Receives $7.83 Average Price Target from Analysts

Shares of Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) have received an average recommendation of "Buy" from the six brokerages that are presently covering the company, Marketbeat reports. Five equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $7.83.

Several analysts recently issued reports on NUVB shares. JMP Securities reiterated a "market outperform" rating and issued a $6.00 price target on shares of Nuvation Bio in a report on Monday, June 2nd. HC Wainwright lowered their price target on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a report on Monday, March 10th. Citizens Jmp started coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $6.00 price target for the company. Wedbush reiterated an "outperform" rating and issued a $5.00 price target on shares of Nuvation Bio in a report on Wednesday. Finally, Jones Trading started coverage on Nuvation Bio in a report on Wednesday, March 12th. They issued a "buy" rating and a $10.00 price target for the company.

Insider Activity

In other Nuvation Bio news, CEO David Hung bought 300,000 shares of the stock in a transaction dated Monday, April 7th. The stock was bought at an average cost of $1.62 per share, for a total transaction of $486,000.00. Following the completion of the purchase, the chief executive officer now directly owns 58,781,054 shares of the company's stock, valued at approximately $95,225,307.48. The trade was a 0.51% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dongfang Liu sold 20,000 shares of Nuvation Bio stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $2.50, for a total value of $50,000.00. Following the completion of the transaction, the insider now owns 12,000 shares of the company's stock, valued at $30,000. This trade represents a 62.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 29.93% of the company's stock.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds have recently bought and sold shares of NUVB. Wealth Enhancement Advisory Services LLC acquired a new position in Nuvation Bio in the fourth quarter valued at approximately $27,000. Forum Financial Management LP bought a new position in shares of Nuvation Bio in the fourth quarter valued at approximately $29,000. Cerity Partners LLC acquired a new position in shares of Nuvation Bio during the fourth quarter valued at approximately $31,000. Firethorn Wealth Partners LLC acquired a new position in shares of Nuvation Bio during the 1st quarter valued at $35,000. Finally, Russell Investments Group Ltd. increased its position in shares of Nuvation Bio by 15,183.7% during the 4th quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company's stock valued at $42,000 after purchasing an additional 15,791 shares during the period. 61.67% of the stock is currently owned by institutional investors and hedge funds.

Nuvation Bio Stock Performance

Shares of NUVB traded down $0.39 during trading hours on Thursday, hitting $1.81. The stock had a trading volume of 18,620,979 shares, compared to its average volume of 2,611,237. The firm has a market cap of $615.88 million, a P/E ratio of -0.83 and a beta of 1.37. The company's fifty day simple moving average is $2.15 and its 200 day simple moving average is $2.32. Nuvation Bio has a 12-month low of $1.54 and a 12-month high of $3.97.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). The firm had revenue of $3.08 million during the quarter, compared to analysts' expectations of $0.42 million. As a group, sell-side analysts predict that Nuvation Bio will post -0.36 earnings per share for the current fiscal year.

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.