Nuvation Bio (NYSE:NUVB) Stock Price Up 7.2% - Here's Why

Key Points

• Nuvation Bio Inc. shares surged 7.2% to $3.23 after a trading session that saw approximately 2.7 million shares exchanged, which is a 39% decline from the average daily volume.
• Several analysts have set new price targets for Nuvation Bio, with HC Wainwright maintaining a "buy" rating and a price target of $10.00, while others have set targets ranging from $6.00 to $7.00.
• The company reported a revenue of $4.83 million for its last quarter, significantly exceeding analyst estimates, although it continues to face challenges with a negative return on equity and significant net margin decline.

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares rose 7.2% during trading on Friday . The stock traded as high as $3.21 and last traded at $3.23. Approximately 2,765,782 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 4,569,658 shares. The stock had previously closed at $3.01.

Analysts Set New Price Targets

NUVB has been the subject of several recent research reports. HC Wainwright reiterated a "buy" rating and issued a $10.00 price target on shares of Nuvation Bio in a research report on Friday, September 19th. Wedbush reiterated an "outperform" rating and issued a $6.00 price target on shares of Nuvation Bio in a research report on Monday, September 8th. Wall Street Zen upgraded Nuvation Bio from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Royal Bank Of Canada boosted their target price on Nuvation Bio from $6.00 to $7.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. Finally, JMP Securities restated a "market outperform" rating and set a $6.00 target price on shares of Nuvation Bio in a research report on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $7.50.

Nuvation Bio Stock Performance

The firm has a fifty day moving average price of $2.83 and a 200 day moving average price of $2.33. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.38 and a current ratio of 9.39. The stock has a market cap of $1.10 billion, a PE ratio of -5.08 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, meeting the consensus estimate of ($0.17). Nuvation Bio had a negative return on equity of 46.14% and a negative net margin of 1,413.43%.The firm had revenue of $4.83 million during the quarter, compared to analyst estimates of $0.42 million. Research analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Trading of Nuvation Bio

Several hedge funds and other institutional investors have recently made changes to their positions in NUVB. Highline Wealth Partners LLC purchased a new stake in shares of Nuvation Bio during the 2nd quarter valued at $25,000. Rangeley Capital LLC acquired a new position in shares of Nuvation Bio in the 2nd quarter valued at $25,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Nuvation Bio in the 4th quarter valued at $27,000. Forum Financial Management LP acquired a new position in shares of Nuvation Bio in the 4th quarter valued at $29,000. Finally, Cetera Investment Advisers acquired a new position in shares of Nuvation Bio in the 2nd quarter valued at $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.

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