Royal Bank Of Canada Increases Nuvation Bio (NYSE:NUVB) Price Target to $7.00

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 target upped by investment analysts at Royal Bank Of Canada from $6.00 to $7.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective indicates a potential upside of 181.69% from the stock's previous close.

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

Nuvation Bio Price Performance

NYSE NUVB traded up $0.17 on Friday, reaching $2.49. 1,007,478 shares of the stock traded hands, compared to its average volume of 4,161,159. The firm's fifty day simple moving average is $2.20 and its 200 day simple moving average is $2.13. 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 has a market cap of $845.55 million, a price-to-earnings ratio of -3.94 and a beta of 1.35. Nuvation Bio has a 12 month low of $1.54 and a 12 month high of $3.45.

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

Institutional Trading of Nuvation Bio

Hedge funds and other institutional investors have recently modified their holdings of the company. Highline Wealth Partners LLC purchased a new stake in shares of Nuvation Bio during the second quarter worth $25,000. Wealth Enhancement Advisory Services LLC bought a new position in Nuvation Bio during the fourth quarter valued at about $27,000. Forum Financial Management LP bought a new position in Nuvation Bio during the fourth quarter valued at about $29,000. Cetera Investment Advisers bought a new position in Nuvation Bio during the second quarter valued at about $29,000. Finally, Cerity Partners LLC bought a new position in Nuvation Bio during the fourth quarter valued at about $31,000. 61.67% of the stock is currently 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.