Nuvation Bio (NYSE:NUVB) Announces Quarterly Earnings Results

Key Points

• Nuvation Bio reported a quarterly earnings per share (EPS) of ($0.17), aligning with analyst expectations, while generating revenue of $4.83 million that significantly surpassed estimates of $0.42 million.
• The company's stock experienced a decrease of 1.7%, trading at $2.30 with a 52-week range between $1.54 and $3.45.
• Institutional ownership is high, with approximately 61.67% of shares held by hedge funds and several analysis firms maintaining a consensus rating of "Moderate Buy" with an average target price of $7.33.

Nuvation Bio (NYSE:NUVB - Get Free Report) announced its earnings results on Thursday. The company reported ($0.17) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.17), Zacks reports. Nuvation Bio had a negative net margin of 1,413.43% and a negative return on equity of 43.92%. The business had revenue of $4.83 million during the quarter, compared to analyst estimates of $0.42 million.

Nuvation Bio Stock Down 1.7%

Shares of NYSE NUVB opened at $2.30 on Friday. Nuvation Bio has a 52 week low of $1.54 and a 52 week high of $3.45. The firm's fifty day moving average is $2.20 and its 200 day moving average is $2.14. The company has a market cap of $782.60 million, a price-to-earnings ratio of -3.65 and a beta of 1.35.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Nuvation Bio by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company's stock worth $191,000 after buying an additional 4,608 shares during the period. Millennium Management LLC increased its position in Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock valued at $6,642,000 after purchasing an additional 1,298,131 shares during the period. Envestnet Asset Management Inc. purchased a new position in Nuvation Bio during the 2nd quarter valued at $92,000. Creative Planning increased its position in Nuvation Bio by 267.1% during the 2nd quarter. Creative Planning now owns 39,288 shares of the company's stock valued at $77,000 after purchasing an additional 28,585 shares during the period. Finally, Cetera Investment Advisers purchased a new position in Nuvation Bio during the 2nd quarter valued at $29,000. 61.67% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on NUVB shares. Citizens Jmp started coverage on shares of Nuvation Bio in a research note on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 price target on the stock. Citigroup started coverage on shares of Nuvation Bio in a research note on Wednesday, April 23rd. They set an "outperform" rating on the stock. Wedbush reissued an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Wednesday, June 11th. Royal Bank Of Canada lifted their price target on shares of Nuvation Bio from $6.00 to $7.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Wall Street Zen downgraded shares of Nuvation Bio from a "hold" rating to a "sell" rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $7.33.

Nuvation Bio Company Profile

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.

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