Nuvation Bio (NYSE:NUVB) Earns "Outperform" Rating from Wedbush

Key Points

• Wedbush reissued an Outperform rating on Nuvation Bio with an $11 price target, implying roughly a 145% upside from the recent close.
• Analyst consensus is a Moderate Buy (eight Buys, one Hold, one Sell) with an average target of $11.63.
• Shares opened at $4.49 with a market cap of $1.56B; the company reported Q-quarter EPS of ($0.11) that met estimates and revenue of $41.87M that beat estimates, but showed a steep negative net margin and about 61.7% institutional ownership following sizable recent buys by funds like Price T. Rowe and Armistice.

Nuvation Bio (NYSE:NUVB - Get Free Report)'s stock had its "outperform" rating reissued by equities research analysts at Wedbush in a research report issued on Thursday,Benzinga reports. They presently have a $11.00 price objective on the stock. Wedbush's target price points to a potential upside of 145.26% from the company's previous close.

A number of other equities analysts have also commented on NUVB. HC Wainwright dropped their price target on Nuvation Bio from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Monday, January 12th. UBS Group reduced their price objective on Nuvation Bio from $10.00 to $7.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 3rd. Truist Financial set a $13.00 target price on Nuvation Bio in a research report on Tuesday, January 27th. Royal Bank Of Canada raised their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the company an "outperform" rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Nuvation Bio in a research report on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $11.63.

Nuvation Bio Stock Performance

Shares of NYSE NUVB opened at $4.49 on Thursday. The company has a market cap of $1.56 billion, a P/E ratio of -7.47 and a beta of 1.61. Nuvation Bio has a 52-week low of $1.54 and a 52-week high of $9.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.81 and a current ratio of 6.95. The firm's fifty day moving average is $5.11 and its two-hundred day moving average is $5.72.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported ($0.11) EPS for the quarter, meeting the consensus estimate of ($0.11). Nuvation Bio had a negative net margin of 325.31% and a negative return on equity of 57.48%. The business had revenue of $41.87 million during the quarter, compared to the consensus estimate of $36.82 million. As a group, analysts anticipate that Nuvation Bio will post -0.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Nuvation Bio

Several institutional investors have recently modified their holdings of NUVB. Price T Rowe Associates Inc. MD increased its position in shares of Nuvation Bio by 852.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,708,553 shares of the company's stock valued at $24,270,000 after purchasing an additional 2,424,109 shares during the last quarter. Armistice Capital LLC lifted its position in Nuvation Bio by 359.2% in the third quarter. Armistice Capital LLC now owns 2,296,000 shares of the company's stock worth $8,495,000 after buying an additional 1,796,000 shares during the last quarter. Capricorn Fund Managers Ltd bought a new stake in Nuvation Bio in the fourth quarter worth $14,236,000. Millennium Management LLC boosted its stake in Nuvation Bio by 52.4% during the first quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock worth $6,642,000 after buying an additional 1,298,131 shares during the period. Finally, SymBiosis Capital Partners LLC purchased a new position in Nuvation Bio during the fourth quarter worth $11,200,000. 61.67% of the stock is owned by institutional investors.

About Nuvation Bio

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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