Nuvation Bio (NYSE:NUVB) Given "Outperform" Rating at Wedbush

Key Points

• Wedbush reissued an Outperform rating on Nuvation Bio and kept a $11 price target, implying about 68.6% upside from the current share price.
• Analyst sentiment is mixed but mostly positive overall: Nuvation Bio has an average Moderate Buy rating, with 8 Buy, 2 Hold, and 1 Sell ratings and an average target price of $12.38.
• The company recently beat quarterly expectations, reporting $0.01 EPS versus the expected loss and $83.23 million in revenue versus estimates of $66.22 million, though insiders have also sold shares in recent months.

Nuvation Bio (NYSE:NUVB - Get Free Report)'s stock had its "outperform" rating reissued by equities research analysts at Wedbush in a note issued to investors on Thursday,Benzinga reports. They presently have a $11.00 price target on the stock. Wedbush's price objective points to a potential upside of 68.58% from the company's current price.

Several other equities analysts also recently commented on NUVB. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nuvation Bio in a report on Friday, July 17th. Truist Financial lifted their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. HC Wainwright reiterated a "buy" rating and issued a $17.00 price target on shares of Nuvation Bio in a research note on Tuesday, May 5th. Royal Bank Of Canada reissued an "outperform" rating on shares of Nuvation Bio in a report on Wednesday. Finally, Citigroup restated a "market outperform" rating on shares of Nuvation Bio in a report on Wednesday, June 10th. Eight equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Nuvation Bio has an average rating of "Moderate Buy" and an average target price of $12.38.

Nuvation Bio Stock Performance

Shares of NUVB traded down $0.03 during mid-day trading on Thursday, reaching $6.53. The company's stock had a trading volume of 869,220 shares, compared to its average volume of 5,519,113. The company has a current ratio of 7.44, a quick ratio of 7.24 and a debt-to-equity ratio of 0.15. Nuvation Bio has a 1-year low of $2.18 and a 1-year high of $9.75. The business has a 50-day simple moving average of $5.31 and a two-hundred day simple moving average of $5.31. The stock has a market cap of $2.27 billion, a P/E ratio of -15.13 and a beta of 1.52.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its earnings results on Monday, May 4th. The company reported $0.01 earnings per share for the quarter, topping analysts' consensus estimates of ($0.03) by $0.04. Nuvation Bio had a negative return on equity of 44.10% and a negative net margin of 102.06%.The business had revenue of $83.23 million for the quarter, compared to analyst estimates of $66.22 million. As a group, equities research analysts anticipate that Nuvation Bio will post -0.39 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Kerry Wentworth sold 63,000 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $6.02, for a total value of $379,260.00. Following the completion of the transaction, the insider directly owned 53,000 shares in the company, valued at approximately $319,060. The trade was a 54.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stacy Markel sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total transaction of $753,750.00. Following the sale, the insider directly owned 32,591 shares of the company's stock, valued at approximately $196,523.73. This trade represents a 79.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 235,668 shares of company stock valued at $1,419,495 in the last 90 days. 30.11% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nuvation Bio

A number of large investors have recently modified their holdings of the business. Tema ETFs LLC raised its holdings in shares of Nuvation Bio by 0.7% during the 2nd quarter. Tema ETFs LLC now owns 395,313 shares of the company's stock worth $2,245,000 after buying an additional 2,559 shares in the last quarter. Handelsbanken Fonder AB acquired a new stake in Nuvation Bio in the second quarter valued at about $732,000. NewEdge Advisors LLC grew its position in Nuvation Bio by 8.3% in the first quarter. NewEdge Advisors LLC now owns 1,031,112 shares of the company's stock valued at $4,423,000 after acquiring an additional 78,946 shares during the last quarter. Tanaka Capital Management Inc. grew its position in Nuvation Bio by 7.2% in the first quarter. Tanaka Capital Management Inc. now owns 901,825 shares of the company's stock valued at $3,869,000 after acquiring an additional 60,220 shares during the last quarter. Finally, ADAR1 Capital Management LLC acquired a new position in Nuvation Bio during the first quarter worth about $187,000. Institutional investors and hedge funds own 61.67% of the company's stock.

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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