Nuvation Bio (NYSE:NUVB) Trading Up 4.9% - Here's What Happened

Key Points

• Nuvation Bio's stock price increased by 4.9%, rising from a previous close of $2.95 to $3.10, though trading volume was significantly lower than average.
• Wall Street analysts have expressed positive sentiments, with ratings upgrades including a price target as high as $7.00 and a consensus rating of "Buy".
• The company's recent earnings report showed a revenue of $4.83 million compared to an expectation of only $0.42 million, though it continues to post negative earnings per share.

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares rose 4.9% on Wednesday . The stock traded as high as $3.06 and last traded at $3.10. Approximately 420,357 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 4,226,859 shares. The stock had previously closed at $2.95.

Wall Street Analyst Weigh In

NUVB has been the topic of several analyst reports. Wedbush reiterated an "outperform" rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Wednesday, June 11th. Wall Street Zen upgraded shares of Nuvation Bio from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. Royal Bank Of Canada raised their price objective 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. Finally, JMP Securities restated a "market outperform" rating and set a $6.00 price objective on shares of Nuvation Bio in a report on Wednesday, June 25th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $7.33.

Nuvation Bio Trading Up 13.5%

The business's 50-day moving average price is $2.52 and its 200 day moving average price is $2.21. The company has a market cap of $1.33 billion, a P/E ratio of -6.16 and a beta of 1.36. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.38 and a current ratio of 9.39.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $4.83 million during the quarter, compared to the consensus estimate of $0.42 million. As a group, analysts expect that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

Institutional Trading of Nuvation Bio

Several hedge funds and other institutional investors have recently modified their holdings of NUVB. Highline Wealth Partners LLC bought a new stake in shares of Nuvation Bio during the 2nd quarter worth about $25,000. Rangeley Capital LLC acquired a new stake in Nuvation Bio in the 2nd quarter worth about $25,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Nuvation Bio in the 4th quarter worth about $27,000. Forum Financial Management LP acquired a new stake in Nuvation Bio in the 4th quarter worth about $29,000. Finally, Cetera Investment Advisers acquired a new stake in Nuvation Bio in the 2nd quarter worth about $29,000. 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.