Nuvation Bio (NYSE:NUVB) Trading 9.7% Higher - Still a Buy?

Key Points

• Nuvation Bio's stock rose by 9.7% during trading, reaching a high of $2.57, with a current price of $2.55 following a previous close of $2.32.
• Analysts generally hold a positive outlook on the stock, with an average rating of "Moderate Buy" and a price target of $7.33, which is supported by major investment firms like Royal Bank of Canada and JMP Securities.
• The company's quarterly earnings reflected a revenue of $4.83 million, significantly outperforming expectations of $0.42 million, despite posting negative earnings per share of ($0.17).

Shares of Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) were up 9.7% during mid-day trading on Wednesday . The stock traded as high as $2.57 and last traded at $2.55. Approximately 2,783,836 shares were traded during trading, a decline of 33% from the average daily volume of 4,171,427 shares. The stock had previously closed at $2.32.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on NUVB shares. Wedbush reissued an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Wednesday, June 11th. Royal Bank Of Canada raised their target price on Nuvation Bio from $6.00 to $7.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. JMP Securities restated a "market outperform" rating and set a $6.00 price target on shares of Nuvation Bio in a research report on Wednesday, June 25th. Citigroup started coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They set an "outperform" rating for the company. Finally, Citizens Jmp started coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $7.33.

Nuvation Bio Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 9.39 and a quick ratio of 9.38. The company has a market capitalization of $884.68 million, a price-to-earnings ratio of -4.13 and a beta of 1.35. The stock has a 50 day simple moving average of $2.20 and a two-hundred day simple moving average of $2.13.

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

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of NUVB. FMR LLC increased its position in shares of Nuvation Bio by 54.9% during the fourth quarter. FMR LLC now owns 45,285,572 shares of the company's stock worth $120,460,000 after purchasing an additional 16,046,701 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Nuvation Bio by 16.8% during the second quarter. Geode Capital Management LLC now owns 5,994,798 shares of the company's stock worth $11,691,000 after purchasing an additional 864,194 shares in the last quarter. MPM Bioimpact LLC increased its position in shares of Nuvation Bio by 11.7% during the first quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company's stock worth $8,188,000 after purchasing an additional 488,065 shares in the last quarter. Millennium Management LLC increased its position 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 worth $6,642,000 after purchasing an additional 1,298,131 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of Nuvation Bio by 37.0% during the fourth quarter. Northern Trust Corp now owns 2,086,751 shares of the company's stock worth $5,551,000 after purchasing an additional 563,627 shares in the last quarter. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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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