Nuvation Bio (NYSE:NUVB) Rating Reiterated by Wedbush

Wedbush reissued their outperform rating on shares of Nuvation Bio (NYSE:NUVB - Free Report) in a report released on Wednesday morning, Benzinga reports. The firm currently has a $5.00 target price on the stock.

Several other analysts also recently commented on the stock. Jefferies Financial Group raised shares of Nuvation Bio from a hold rating to a buy rating and upped their price objective for the company from $1.40 to $10.00 in a report on Wednesday, March 27th. Royal Bank of Canada boosted their price objective on Nuvation Bio from $4.00 to $5.00 and gave the company an outperform rating in a report on Wednesday, April 17th. HC Wainwright raised their target price on Nuvation Bio from $5.00 to $8.00 and gave the stock a buy rating in a report on Thursday, March 28th. Finally, BTIG Research raised Nuvation Bio from a neutral rating to a buy rating and set a $5.00 price target for the company in a report on Tuesday, March 26th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $6.60.

Nuvation Bio Price Performance

Shares of NUVB remained flat at $3.30 during trading hours on Wednesday. 3,000,914 shares of the stock were exchanged, compared to its average volume of 1,204,278. The stock has a 50-day simple moving average of $2.89 and a two-hundred day simple moving average of $2.00. Nuvation Bio has a 12-month low of $0.95 and a 12-month high of $4.16. The company has a market capitalization of $719.57 million, a PE ratio of -10.35 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. On average, analysts anticipate that Nuvation Bio will post -0.35 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in Nuvation Bio by 551.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company's stock worth $4,932,000 after buying an additional 1,146,794 shares during the last quarter. Octagon Capital Advisors LP purchased a new stake in shares of Nuvation Bio in the fourth quarter valued at about $1,510,000. Acadian Asset Management LLC increased its position in Nuvation Bio by 81.9% during the first quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company's stock worth $4,273,000 after purchasing an additional 528,660 shares during the last quarter. Assenagon Asset Management S.A. increased its position in Nuvation Bio by 219.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 738,831 shares of the company's stock worth $1,116,000 after purchasing an additional 507,452 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Nuvation Bio by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company's stock worth $27,424,000 after purchasing an additional 219,533 shares during the period. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.