Nuvation Bio’s (NUVB) “Outperform” Rating Reaffirmed at Royal Bank of Canada

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank of Canada in a report released on Tuesday,Benzinga reports. They currently have a $10.00 price target on the stock, up from their previous price target of $6.00. Royal Bank of Canada’s price target points to a potential upside of 210.56% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Nuvation Bio in a report on Monday. Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Monday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $7.40.

Nuvation Bio Stock Performance

Shares of NUVB stock traded up $0.38 during trading hours on Tuesday, hitting $3.22. The company had a trading volume of 1,791,340 shares, compared to its average volume of 2,038,765. Nuvation Bio has a 12 month low of $1.43 and a 12 month high of $4.16. The firm’s fifty day moving average is $2.71 and its 200 day moving average is $2.82. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.48 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $0.73 million during the quarter. On average, sell-side analysts expect that Nuvation Bio will post -0.4 EPS for the current fiscal year.

Institutional Trading of Nuvation Bio

Several hedge funds have recently modified their holdings of NUVB. State Street Corp lifted its holdings in Nuvation Bio by 4.8% during the 3rd quarter. State Street Corp now owns 4,166,441 shares of the company’s stock worth $9,541,000 after buying an additional 191,031 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Nuvation Bio by 83.3% in the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock valued at $1,429,000 after acquiring an additional 283,642 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Nuvation Bio by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock worth $9,227,000 after purchasing an additional 196,247 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Nuvation Bio by 415.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after acquiring an additional 820,669 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in Nuvation Bio during the 3rd quarter worth approximately $634,000. 61.67% of the stock is owned by 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.