Wedbush Reaffirms Outperform Rating for Nuvation Bio (NYSE:NUVB)

Key Points

• Wedbush reiterated an "Outperform" rating on Nuvation Bio with an $11 price target, implying about a 128.74% upside from the prior close.
• Analyst consensus is mixed-leaning-positive: eight Buys, one Hold and one Sell, with an average rating of "Moderate Buy" and an average target price of $11.63.
• Nuvation reported revenue of $41.87M (above estimates) but remains unprofitable (EPS -$0.11), and an insider sold 200,000 shares at $4.52 under a 10b5-1 plan, reducing their stake by ~79%.

Nuvation Bio (NYSE:NUVB - Get Free Report)'s stock had its "outperform" rating reiterated by Wedbush in a research note issued on Thursday,Benzinga reports. They presently have a $11.00 price target on the stock. Wedbush's price target suggests a potential upside of 128.74% from the company's previous close.

NUVB has been the topic of a number of other research reports. HC Wainwright reduced their price target on Nuvation Bio from $18.00 to $17.00 and set a "buy" rating on the stock in a research report on Monday, January 12th. UBS Group cut their target price on Nuvation Bio from $10.00 to $7.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 3rd. Royal Bank Of Canada upped their target price on Nuvation Bio from $12.00 to $13.00 and gave the company an "outperform" rating in a research report on Tuesday, March 3rd. Truist Financial set a $13.00 target price on Nuvation Bio in a research report on Tuesday, January 27th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Nuvation Bio in a research report on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Nuvation Bio has an average rating of "Moderate Buy" and an average target price of $11.63.

Nuvation Bio Price Performance

Nuvation Bio stock opened at $4.81 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.81 and a current ratio of 6.95. Nuvation Bio has a 52 week low of $1.57 and a 52 week high of $9.75. The stock has a market capitalization of $1.67 billion, a P/E ratio of -8.00 and a beta of 1.60. The stock has a fifty day moving average of $4.91 and a 200-day moving average of $5.81.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported ($0.11) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.11). Nuvation Bio had a negative return on equity of 57.48% and a negative net margin of 325.31%.The business had revenue of $41.87 million during the quarter, compared to analysts' expectations of $36.82 million. On average, sell-side analysts expect that Nuvation Bio will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Nuvation Bio

In related news, insider Kerry Wentworth sold 200,000 shares of Nuvation Bio stock in a transaction on Monday, April 6th. The stock was sold at an average price of $4.52, for a total transaction of $904,000.00. Following the sale, the insider directly owned 53,000 shares in the company, valued at approximately $239,560. This trade represents a 79.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 29.93% of the stock is owned by corporate insiders.

Institutional Trading of Nuvation Bio

Hedge funds have recently bought and sold shares of the business. Capricorn Fund Managers Ltd purchased a new stake in Nuvation Bio in the fourth quarter worth $14,236,000. JPMorgan Chase & Co. increased its position in Nuvation Bio by 472.8% in the third quarter. JPMorgan Chase & Co. now owns 675,600 shares of the company's stock worth $2,500,000 after buying an additional 557,656 shares during the last quarter. Aisling Capital Management LP increased its position in Nuvation Bio by 16.5% in the third quarter. Aisling Capital Management LP now owns 2,960,659 shares of the company's stock worth $10,954,000 after buying an additional 419,650 shares during the last quarter. CWM LLC increased its position in Nuvation Bio by 169.5% in the third quarter. CWM LLC now owns 102,328 shares of the company's stock worth $379,000 after buying an additional 64,365 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its position in Nuvation Bio by 69.9% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 339,271 shares of the company's stock worth $1,255,000 after buying an additional 139,633 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors.

About Nuvation Bio

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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