Nuvation Bio (NYSE:NUVB) Trading Up 8.6% - Still a Buy?

Key Points

• Nuvation Bio's stock price increased by 8.6% to $2.72, despite a significant drop in trading volume compared to average sessions.
• Analyst ratings have shifted, with Royal Bank of Canada raising its rating to "moderate buy" and lowering its price target from $10.00 to $6.00.
• The company reported earnings per share of ($0.16) for the last quarter, matching analysts' expectations while achieving $3.08 million in revenue, well above the $0.42 million anticipated.

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) rose 8.6% on Monday . The company traded as high as $2.69 and last traded at $2.72. Approximately 2,241,598 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 4,179,108 shares. The stock had previously closed at $2.50.

Analysts Set New Price Targets

NUVB has been the topic of several recent analyst reports. Citizens Jmp initiated coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $6.00 price target on the stock. Citigroup initiated coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued an "outperform" rating on the stock. Wall Street Zen raised Nuvation Bio from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. JMP Securities reaffirmed a "market outperform" rating and issued a $6.00 price target on shares of Nuvation Bio in a report on Wednesday, June 25th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $5.00 price target on shares of Nuvation Bio in a report on Wednesday, June 11th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $7.17.

Nuvation Bio Price Performance

The firm has a market cap of $755.38 million, a P/E ratio of -0.94 and a beta of 1.33. The firm's 50 day moving average is $2.19 and its 200 day moving average is $2.15.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $0.42 million. Nuvation Bio had a negative return on equity of 44.14% and a negative net margin of 5,534.21%. As a group, analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Institutional Trading of Nuvation Bio

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC raised its holdings in Nuvation Bio by 54.9% in the 4th quarter. FMR LLC now owns 45,285,572 shares of the company's stock worth $120,460,000 after acquiring an additional 16,046,701 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Nuvation Bio by 45.4% in the fourth quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company's stock worth $41,849,000 after purchasing an additional 4,913,820 shares during the last quarter. MPM Bioimpact LLC purchased a new position in shares of Nuvation Bio in the fourth quarter worth $11,077,000. Millennium Management LLC lifted its holdings in shares of Nuvation Bio by 52.4% during the first quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock valued at $6,642,000 after purchasing an additional 1,298,131 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Nuvation Bio by 22.9% in the 4th quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company's stock worth $13,174,000 after buying an additional 922,503 shares in the last quarter. Hedge funds and other institutional investors own 61.67% of the company's stock.

About Nuvation Bio

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.