Royal Bank Of Canada Forecasts Strong Price Appreciation for Nuvation Bio (NYSE:NUVB) Stock

Key Points

• Royal Bank Of Canada has raised its price target for Nuvation Bio (NYSE:NUVB) from $6.00 to $7.00, indicating a potential upside of 197.24% from its previous close.
• Nuvation Bio's stock is showing an average rating of "Buy" from analysts, with an average target price of $7.33.
• The company recently reported a revenue of $4.83 million for the last quarter, significantly exceeding the consensus estimate of $0.42 million.

Nuvation Bio (NYSE:NUVB - Get Free Report) had its price objective lifted by investment analysts at Royal Bank Of Canada from $6.00 to $7.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective points to a potential upside of 211.80% from the company's current price.

A number of other equities analysts have also issued reports on NUVB. Wall Street Zen raised Nuvation Bio from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Citigroup began coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued an "outperform" rating for the company. Citizens Jmp began coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $6.00 price objective for the company. JMP Securities reissued a "market outperform" rating and issued a $6.00 price objective on shares of Nuvation Bio in a report on Wednesday, June 25th. Finally, Wedbush reissued an "outperform" rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Nuvation Bio currently has an average rating of "Moderate Buy" and an average target price of $7.33.

Nuvation Bio Stock Performance

NUVB stock traded up $0.01 on Friday, reaching $2.25. The company's stock had a trading volume of 1,152,126 shares, compared to its average volume of 4,163,513. Nuvation Bio has a 52 week low of $1.54 and a 52 week high of $3.45. The company has a market capitalization of $763.88 million, a P/E ratio of -3.56 and a beta of 1.35. The firm has a fifty day moving average of $2.20 and a two-hundred day moving average of $2.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.39 and a quick ratio of 9.38.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share (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 business had revenue of $4.83 million during the quarter, compared to analyst estimates of $0.42 million. As a group, analysts predict that Nuvation Bio will post -0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvation Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Highline Wealth Partners LLC bought a new position in Nuvation Bio during the 2nd quarter valued at $25,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Nuvation Bio during the 4th quarter valued at $27,000. Forum Financial Management LP acquired a new stake in shares of Nuvation Bio during the 4th quarter valued at $29,000. Cetera Investment Advisers acquired a new stake in shares of Nuvation Bio during the 2nd quarter valued at $29,000. Finally, Cerity Partners LLC acquired a new stake in shares of Nuvation Bio during the 4th quarter valued at $31,000. 61.67% of the stock is owned by institutional investors.

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.