Truist Financial Raises Nuvation Bio (NYSE:NUVB) Price Target to $13.00

Nuvation Bio (NYSE:NUVB - Get Free Report) had its target price increased by Truist Financial from $12.00 to $13.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price objective suggests a potential upside of 132.89% from the stock's current price.

A number of other analysts also recently issued reports on NUVB. Wedbush reaffirmed an "outperform" rating and issued a $11.00 target price on shares of Nuvation Bio in a research report on Tuesday, May 5th. Citigroup restated a "market outperform" rating on shares of Nuvation Bio in a research note on Wednesday, June 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $20.00 price target on shares of Nuvation Bio in a research report on Tuesday, May 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Nuvation Bio in a research note on Tuesday, April 21st. Finally, Zacks Research downgraded Nuvation Bio from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $12.50.

Nuvation Bio Trading Down 2.1%

NYSE:NUVB opened at $5.58 on Tuesday. Nuvation Bio has a twelve month low of $2.03 and a twelve month high of $9.75. The company has a quick ratio of 7.24, a current ratio of 7.44 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $5.01 and a two-hundred day moving average price of $5.58. The company has a market cap of $1.94 billion, a P/E ratio of -12.98 and a beta of 1.52.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.03) by $0.04. The company had revenue of $83.23 million for the quarter, compared to the consensus estimate of $66.22 million. Nuvation Bio had a negative net margin of 102.06% and a negative return on equity of 44.10%. As a group, analysts expect that Nuvation Bio will post -0.39 EPS for the current fiscal year.

Insider Buying and Selling at Nuvation Bio

In related news, insider Kerry Wentworth sold 63,000 shares of Nuvation Bio stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $6.02, for a total transaction of $379,260.00. Following the completion of the sale, the insider owned 53,000 shares of the company's stock, valued at approximately $319,060. The trade was a 54.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philippe Sauvage sold 47,668 shares of the company's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $6.01, for a total transaction of $286,484.68. Following the completion of the transaction, the chief financial officer owned 12,673 shares in the company, valued at approximately $76,164.73. This trade represents a 79.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 322,418 shares of company stock worth $1,854,612 in the last three months. 30.11% of the stock is owned by insiders.

Hedge Funds Weigh In On Nuvation Bio

Institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC grew its stake in shares of Nuvation Bio by 9.8% in the fourth quarter. HighTower Advisors LLC now owns 22,457 shares of the company's stock valued at $201,000 after acquiring an additional 2,007 shares in the last quarter. Parallel Advisors LLC raised its holdings in Nuvation Bio by 51.9% in the 3rd quarter. Parallel Advisors LLC now owns 7,597 shares of the company's stock valued at $28,000 after acquiring an additional 2,597 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Nuvation Bio by 17.7% during the 4th quarter. Russell Investments Group Ltd. now owns 24,456 shares of the company's stock worth $219,000 after purchasing an additional 3,681 shares in the last quarter. Meridian Wealth Management LLC grew its holdings in shares of Nuvation Bio by 3.8% during the 4th quarter. Meridian Wealth Management LLC now owns 113,565 shares of the company's stock worth $1,018,000 after purchasing an additional 4,200 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of Nuvation Bio by 38.8% in the third quarter. Mackenzie Financial Corp now owns 15,746 shares of the company's stock worth $58,000 after purchasing an additional 4,400 shares during the period. Institutional investors and hedge funds own 61.67% of the company's stock.

Nuvation Bio Company Profile

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company's pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.

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