Nuvation Bio's (NUVB) "Outperform" Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Nuvation Bio (NYSE:NUVB - Free Report) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $5.00 price objective on the stock.

Other equities research analysts have also issued reports about the company. Citizens Jmp assumed coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $6.00 price objective for the company. HC Wainwright cut their price target on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, March 10th. JMP Securities reiterated a "market outperform" rating and issued a $6.00 price target on shares of Nuvation Bio in a research note on Monday, June 2nd. Jones Trading assumed coverage on Nuvation Bio in a research note on Wednesday, March 12th. They issued a "buy" rating and a $10.00 price target for the company. Finally, Wall Street Zen upgraded Nuvation Bio from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Nuvation Bio has an average rating of "Buy" and an average target price of $7.83.

Nuvation Bio Stock Down 13.0%

NUVB traded down $0.33 during mid-day trading on Wednesday, reaching $2.20. 24,193,447 shares of the company traded hands, compared to its average volume of 2,539,837. The stock has a market capitalization of $748.58 million, a P/E ratio of -1.01 and a beta of 1.37. The company's fifty day moving average price is $2.15 and its 200-day moving average price is $2.32. Nuvation Bio has a 52-week low of $1.54 and a 52-week high of $3.97.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The company had revenue of $3.08 million during the quarter, compared to analysts' expectations of $0.42 million. As a group, sell-side analysts forecast that Nuvation Bio will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Nuvation Bio 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 completion of the sale, the insider now owns 12,000 shares of the company's stock, valued at $30,000. This trade represents a 62.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Hung bought 200,000 shares of Nuvation Bio stock in a transaction dated Friday, April 4th. The shares were bought at an average cost of $1.66 per share, for a total transaction of $332,000.00. Following the completion of the transaction, the chief executive officer now owns 58,481,054 shares of the company's stock, valued at approximately $97,078,549.64. This trade represents a 0.34% increase in their position. The disclosure for this purchase can be found here. 29.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Nuvation Bio

Several institutional investors have recently bought and sold shares of NUVB. Peapod Lane Capital LLC purchased a new position in Nuvation Bio during the fourth quarter valued at approximately $1,042,000. Palumbo Wealth Management LLC increased its holdings in Nuvation Bio by 297.4% during the fourth quarter. Palumbo Wealth Management LLC now owns 65,360 shares of the company's stock valued at $174,000 after buying an additional 48,914 shares during the period. Abacus Planning Group Inc. purchased a new position in Nuvation Bio during the fourth quarter valued at approximately $44,000. Ieq Capital LLC purchased a new position in Nuvation Bio during the fourth quarter valued at approximately $98,000. Finally, Bank of New York Mellon Corp increased its holdings in Nuvation Bio by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 518,575 shares of the company's stock valued at $1,379,000 after buying an additional 14,203 shares during the period. 61.67% of the stock is owned by hedge funds and other 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.