Nuvation Bio (NYSE:NUVB) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of Nuvation Bio with an “overweight” rating and a $13 price target, implying approximately 99.7% upside from the prior close.
• Analyst sentiment is broadly positive: nine analysts rate the stock a Buy, two a Hold, and one a Sell, producing a “Moderate Buy” consensus rating and a $13 average target.
• Nuvation Bio reported a quarterly EPS loss of $0.15, slightly below expectations, but revenue of $31.69 million exceeded forecasts. The clinical-stage oncology company’s shares opened at $6.51 and were reported up 4.7%.

Investment analysts at JPMorgan Chase & Co. started coverage on shares of Nuvation Bio (NYSE:NUVB - Get Free Report) in a research note issued to investors on Tuesday,Benzinga reports. The firm set an "overweight" rating and a $13.00 price target on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 99.69% from the company's previous close.

Other research analysts have also recently issued reports about the company. HC Wainwright increased their price target on Nuvation Bio from $17.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Citigroup reaffirmed a "market outperform" rating on shares of Nuvation Bio in a report on Wednesday, June 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nuvation Bio in a research report on Friday, July 17th. Zacks Research raised Nuvation Bio from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Finally, Royal Bank Of Canada boosted their price target on Nuvation Bio from $19.00 to $20.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $13.00.

Nuvation Bio Trading Up 4.7%

Shares of Nuvation Bio stock opened at $6.51 on Tuesday. The firm's 50 day moving average is $5.94 and its 200 day moving average is $5.26. The firm has a market capitalization of $2.29 billion, a PE ratio of -14.80 and a beta of 1.52. Nuvation Bio has a 1 year low of $2.57 and a 1 year high of $9.75. The company has a current ratio of 8.37, a quick ratio of 8.14 and a debt-to-equity ratio of 0.96.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued 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). Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. The company had revenue of $31.69 million during the quarter, compared to the consensus estimate of $27.03 million. Equities research analysts forecast that Nuvation Bio will post -0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvation Bio

In related news, insider Kerry Wentworth sold 63,000 shares of the firm's stock in a transaction on 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 transaction, the insider directly owned 53,000 shares of the company's stock, valued at $319,060. This trade represents a 54.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Mashal bought 25,000 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were bought at an average cost of $4.73 per share, for a total transaction of $118,250.00. Following the completion of the acquisition, the director directly owned 225,000 shares in the company, valued at approximately $1,064,250. This trade represents a 12.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders sold 235,668 shares of company stock worth $1,419,495. Company insiders own 30.11% of the company's stock.

Institutional Investors Weigh In On Nuvation Bio

Several institutional investors and hedge funds have recently made changes to their positions in NUVB. Sanctuary Advisors LLC acquired a new position in shares of Nuvation Bio in the second quarter worth approximately $32,000. Tortoise Investment Management LLC acquired a new stake in Nuvation Bio during the 2nd quarter valued at approximately $78,000. Bank of New York Mellon Corp acquired a new stake in Nuvation Bio during the 2nd quarter valued at approximately $3,804,000. Tema ETFs LLC increased its position in Nuvation Bio by 0.7% during the 2nd quarter. Tema ETFs LLC now owns 395,313 shares of the company's stock valued at $2,245,000 after purchasing an additional 2,559 shares during the period. Finally, Handelsbanken Fonder AB bought a new position in Nuvation Bio during the 2nd quarter worth approximately $732,000. 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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