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

Key Points

• Wedbush reiterated an Outperform rating on Nuvation Bio with an $11.00 price target, implying roughly a 149.7% upside from the current share price.
• Nuvation Bio reported Q4 EPS of ($0.11), matching estimates, and revenue of $41.87 million which beat expectations, but the company remains unprofitable with a negative net margin and analysts forecast -0.36 EPS for the year.
• Shares opened near $4.41 (1‑year range $1.54–$9.75) with a $1.53B market cap; the consensus rating is a "Moderate Buy" (consensus target $11.63) and institutional ownership is about 61.7%, with several hedge funds increasing positions recently.

Nuvation Bio (NYSE:NUVB - Get Free Report)'s stock had its "outperform" rating restated by equities researchers at Wedbush in a note issued to investors on Friday,Benzinga reports. They currently have a $11.00 target price on the stock. Wedbush's price target points to a potential upside of 149.72% from the stock's current price.

A number of other analysts also recently issued reports on the company. UBS Group lowered their price target on Nuvation Bio from $10.00 to $7.00 and set a "neutral" rating for the company in a research report on Tuesday, March 3rd. Royal Bank Of Canada boosted their price objective on shares of Nuvation Bio from $12.00 to $13.00 and gave the company an "outperform" rating in a research report on Tuesday, March 3rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Nuvation Bio in a research note on Thursday, January 22nd. Truist Financial set a $13.00 target price on shares of Nuvation Bio in a report on Tuesday, January 27th. Finally, HC Wainwright dropped their price target on shares of Nuvation Bio from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Monday, January 12th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Nuvation Bio has a consensus rating of "Moderate Buy" and a consensus target price of $11.63.

Nuvation Bio Trading Up 0.6%

Shares of NYSE NUVB opened at $4.41 on Friday. Nuvation Bio has a 1-year low of $1.54 and a 1-year high of $9.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 6.95 and a quick ratio of 6.81. The business's 50 day moving average is $5.25 and its two-hundred day moving average is $5.67. The stock has a market capitalization of $1.53 billion, a P/E ratio of -7.34 and a beta of 1.50.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The business had revenue of $41.87 million during the quarter, compared to analyst estimates of $36.82 million. Nuvation Bio had a negative return on equity of 57.48% and a negative net margin of 325.31%. As a group, research analysts expect that Nuvation Bio will post -0.36 EPS for the current year.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds have recently bought and sold shares of the business. Corient Private Wealth LLC purchased a new stake in Nuvation Bio in the fourth quarter worth $2,277,000. Invesco Ltd. boosted its stake in shares of Nuvation Bio by 138.2% during the fourth quarter. Invesco Ltd. now owns 1,185,143 shares of the company's stock valued at $10,619,000 after purchasing an additional 687,597 shares during the period. Beacon Pointe Advisors LLC grew its holdings in shares of Nuvation Bio by 60.4% in the fourth quarter. Beacon Pointe Advisors LLC now owns 259,212 shares of the company's stock worth $2,323,000 after purchasing an additional 97,612 shares during the last quarter. NewEdge Advisors LLC bought a new position in shares of Nuvation Bio in the fourth quarter worth about $8,531,000. Finally, Voloridge Investment Management LLC purchased a new position in Nuvation Bio in the 4th quarter worth about $3,664,000. Institutional investors own 61.67% of the company's stock.

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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