Nuvation Bio (NYSE:NUVB) Issues Earnings Results, Meets Estimates

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) released its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, hitting the consensus estimate of ($0.17), Zacks reports. The company had revenue of $4.83 million for the quarter, compared to the consensus estimate of $0.42 million. Nuvation Bio had a negative return on equity of 46.14% and a negative net margin of 1,413.43%.

Nuvation Bio Stock Up 5.6%

NYSE NUVB traded up $0.15 during midday trading on Thursday, hitting $2.76. 6,378,752 shares of the company traded hands, compared to its average volume of 4,490,393. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.39 and a quick ratio of 9.38. The company has a market cap of $937.42 million, a PE ratio of -4.37 and a beta of 1.35. Nuvation Bio has a 52 week low of $1.54 and a 52 week high of $3.45. The company's 50-day simple moving average is $2.20 and its 200-day simple moving average is $2.14.

Institutional Trading of Nuvation Bio

Institutional investors have recently made changes to their positions in the business. Rhumbline Advisers boosted its position in shares of Nuvation Bio by 19.0% in the 2nd quarter. Rhumbline Advisers now owns 297,486 shares of the company's stock worth $580,000 after purchasing an additional 47,561 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Nuvation Bio by 47.1% in the 2nd quarter. Hsbc Holdings PLC now owns 278,930 shares of the company's stock worth $547,000 after purchasing an additional 89,271 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Nuvation Bio by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 234,588 shares of the company's stock worth $457,000 after purchasing an additional 10,956 shares in the last quarter. Cresset Asset Management LLC boosted its position in shares of Nuvation Bio by 3.5% in the 2nd quarter. Cresset Asset Management LLC now owns 143,690 shares of the company's stock worth $280,000 after purchasing an additional 4,874 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Nuvation Bio by 25.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 136,697 shares of the company's stock worth $267,000 after acquiring an additional 28,150 shares during the last quarter. Institutional investors and hedge funds own 61.67% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Citigroup assumed coverage on Nuvation Bio in a report on Wednesday, April 23rd. They set an "outperform" rating on the stock. Citizens Jmp started coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 target price on the stock. Wall Street Zen cut Nuvation Bio from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Wedbush reaffirmed an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Wednesday, June 11th. Finally, Royal Bank Of Canada increased their target price on Nuvation Bio from $6.00 to $7.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. 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. According to MarketBeat, the stock presently has an average 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.