Royal Bank Of Canada Upgrades Nuvation Bio (NYSE:NUVB) to "Moderate Buy"

Royal Bank Of Canada upgraded shares of Nuvation Bio (NYSE:NUVB - Free Report) from an outperform rating to a moderate buy rating in a research note released on Tuesday, Marketbeat.com reports. Royal Bank Of Canada currently has $6.00 target price on the stock, down from their prior target price of $10.00.

A number of other equities analysts also recently commented on the stock. Jones Trading started coverage on shares of Nuvation Bio in a research note on Wednesday, March 12th. They issued a "buy" rating and a $10.00 target price on the stock. Citigroup started coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued an "outperform" rating for the company. Citizens Jmp started 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. JMP Securities reaffirmed a "market outperform" rating and set a $6.00 target price on shares of Nuvation Bio in a research report on Monday, June 2nd. Finally, HC Wainwright lowered their target price on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a report on Monday, March 10th. One analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $7.17.

Nuvation Bio Stock Performance

Nuvation Bio stock traded up $0.17 during mid-day trading on Tuesday, hitting $1.96. The company's stock had a trading volume of 12,712,437 shares, compared to its average volume of 2,775,454. The company has a 50 day moving average of $2.15 and a 200-day moving average of $2.27. Nuvation Bio has a one year low of $1.54 and a one year high of $3.97. The stock has a market cap of $665.21 million, a PE ratio of -0.83 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.16). The firm had revenue of $3.08 million during the quarter, compared to analyst estimates of $0.42 million. Nuvation Bio had a negative net margin of 5,534.21% and a negative return on equity of 44.14%. On average, equities research analysts forecast that Nuvation Bio will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Dongfang Liu sold 20,000 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $2.50, for a total value of $50,000.00. Following the sale, the insider now directly owns 12,000 shares in the company, valued at approximately $30,000. This trade represents a 62.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Hung acquired 200,000 shares of Nuvation Bio stock in a transaction that occurred on Friday, April 4th. The shares were purchased at an average price of $1.66 per share, with a total value of $332,000.00. Following the purchase, the chief executive officer now owns 58,481,054 shares in the company, valued at $97,078,549.64. This represents a 0.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. 29.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nuvation Bio

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Nuvation Bio in the 4th quarter worth $27,000. Forum Financial Management LP purchased a new stake in Nuvation Bio in the fourth quarter valued at about $29,000. Cerity Partners LLC acquired a new stake in Nuvation Bio in the fourth quarter worth about $31,000. Firethorn Wealth Partners LLC purchased a new stake in shares of Nuvation Bio during the first quarter worth about $35,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Nuvation Bio by 15,183.7% during the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company's stock worth $42,000 after acquiring an additional 15,791 shares during the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

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.