Nuvation Bio (NYSE:NUVB) Shares Up 7.5% - Should You Buy?

Key Points

• Nuvation Bio's stock rose by 7.5% during mid-day trading, reaching a high of $3.36 with a last trading price of $3.39.
• Analysts are optimistic, with a consensus price target of $7.50 and several "outperform" ratings from firms like Wedbush and Royal Bank of Canada.
• The company reported a revenue of $4.83 million in its latest quarterly earnings, significantly exceeding the analyst estimates of $0.42 million.

Shares of Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) were up 7.5% during mid-day trading on Tuesday . The stock traded as high as $3.36 and last traded at $3.39. Approximately 4,328,480 shares were traded during trading, a decline of 4% from the average daily volume of 4,522,968 shares. The stock had previously closed at $3.15.

Wall Street Analyst Weigh In

Several research firms have commented on NUVB. Royal Bank Of Canada boosted their price target on shares of Nuvation Bio from $6.00 to $7.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. JMP Securities reissued a "market outperform" rating and set a $6.00 price objective on shares of Nuvation Bio in a research note on Wednesday, June 25th. Wall Street Zen raised shares of Nuvation Bio from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Wedbush reissued an "outperform" rating and set a $6.00 price target on shares of Nuvation Bio in a research report on Monday, September 8th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $10.00 price target on shares of Nuvation Bio in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $7.50.

Nuvation Bio Trading Up 1.7%

The firm's 50-day moving average price is $2.73 and its 200 day moving average price is $2.29. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -5.10 and a beta of 1.36. The company has a current ratio of 9.39, a quick ratio of 9.38 and a debt-to-equity ratio of 0.13.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, meeting analysts' consensus estimates of ($0.17). Nuvation Bio had a negative net margin of 1,413.43% and a negative return on equity of 46.14%. The business had revenue of $4.83 million during the quarter, compared to analyst estimates of $0.42 million. As a group, equities analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Institutional Investors Weigh In On Nuvation Bio

Institutional investors and hedge funds have recently made changes to their positions in the business. Highline Wealth Partners LLC bought a new position in Nuvation Bio during the second quarter valued at approximately $25,000. Rangeley Capital LLC bought a new stake in Nuvation Bio during the 2nd quarter valued at approximately $25,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Nuvation Bio during the 4th quarter worth approximately $27,000. Forum Financial Management LP bought a new position in shares of Nuvation Bio in the 4th quarter worth approximately $29,000. Finally, Cetera Investment Advisers purchased a new position in shares of Nuvation Bio in the 2nd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 61.67% of the company's stock.

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.