Nuvation Bio's (NUVB) "Outperform" Rating Reaffirmed at Wedbush

Key Points

• Wedbush analysts have reiterated their "outperform" rating for Nuvation Bio (NUVB) with a price target of $6.00, suggesting a potential upside of 60% from the current price.
• The company reported a revenue of $4.83 million for the latest quarter, significantly exceeding the consensus estimate of $0.42 million, although it recorded a loss of ($0.17) EPS.
• Nuvation Bio's stock has an average rating of "Buy" among analysts, with a consensus target price of $7.50.

Wedbush restated their outperform rating on shares of Nuvation Bio (NYSE:NUVB - Free Report) in a research report report published on Monday,Benzinga reports. Wedbush currently has a $6.00 price target on the stock.

NUVB has been the topic of a number of other reports. Wall Street Zen raised Nuvation Bio from a "sell" rating to a "hold" rating in a report on Sunday, August 17th. Royal Bank Of Canada raised their price target on Nuvation Bio from $6.00 to $7.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, JMP Securities reissued a "market outperform" rating and set a $6.00 price target on shares of Nuvation Bio in a report on Wednesday, June 25th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $7.50.

Nuvation Bio Stock Performance

Nuvation Bio stock traded down $0.21 during trading on Monday, reaching $3.14. The company had a trading volume of 7,932,408 shares, compared to its average volume of 6,163,798. Nuvation Bio has a 52 week low of $1.54 and a 52 week high of $4.09. The firm's 50-day simple moving average is $2.65 and its 200 day simple moving average is $2.25. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -4.98 and a beta of 1.36. The company has a current ratio of 9.39, a quick ratio of 9.38 and a debt-to-equity ratio of 0.13.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.17) EPS for the quarter, hitting 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. Sell-side analysts forecast that Nuvation Bio will post -0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in shares of Nuvation Bio by 280.6% during the second quarter. Tower Research Capital LLC TRC now owns 27,458 shares of the company's stock valued at $54,000 after purchasing an additional 20,244 shares in the last quarter. Captrust Financial Advisors purchased a new position in shares of Nuvation Bio during the second quarter valued at about $32,000. Rangeley Capital LLC purchased a new position in shares of Nuvation Bio during the second quarter valued at about $25,000. Man Group plc purchased a new position in shares of Nuvation Bio during the second quarter valued at about $75,000. Finally, Massar Capital Management LP purchased a new position in shares of Nuvation Bio during the second quarter valued at about $107,000. 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.