Nuvation Bio (NYSE:NUVB) Trading 9.7% Higher - Here's Why

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).

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NUVB. Wedbush reiterated an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a report on Wednesday, June 11th. JMP Securities reaffirmed a "market outperform" rating and set a $6.00 price objective on shares of Nuvation Bio in a research report on Wednesday, June 25th. Royal Bank Of Canada lifted their target price on Nuvation Bio from $6.00 to $7.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Citigroup assumed coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued an "outperform" rating for the company. Finally, Citizens Jmp initiated coverage on Nuvation Bio in a report on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $7.33.

Nuvation Bio Price Performance

The stock has a market cap of $992.58 million, a price-to-earnings ratio of -4.60 and a beta of 1.35. The company has a quick ratio of 9.38, a current ratio of 9.39 and a debt-to-equity ratio of 0.13. The company's 50-day moving average is $2.22 and its 200-day moving average is $2.14.

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NUVB. LPL Financial LLC increased its stake in shares of Nuvation Bio by 27.0% in the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company's stock valued at $83,000 after buying an additional 6,673 shares in the last quarter. Geode Capital Management LLC grew its holdings in Nuvation Bio by 22.9% during the 4th quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company's stock worth $13,174,000 after acquiring an additional 922,503 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Nuvation Bio by 27.8% during the 4th quarter. Wells Fargo & Company MN now owns 106,416 shares of the company's stock worth $283,000 after acquiring an additional 23,178 shares during the last quarter. Russell Investments Group Ltd. increased its position in Nuvation Bio by 15,183.7% in the 4th quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company's stock valued at $42,000 after acquiring an additional 15,791 shares in the last quarter. Finally, Cerity Partners LLC bought a new position in shares of Nuvation Bio in the fourth quarter worth about $31,000. 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.