Jones Trading Begins Coverage on Nuvation Bio (NYSE:NUVB)

Jones Trading began coverage on shares of Nuvation Bio (NYSE:NUVB) in a note issued to investors on Wednesday,Benzinga reports. The firm set a “buy” rating and a $10.00 price target on the stock. Jones Trading’s price target points to a potential upside of 333.84% from the stock’s previous close.

Other research analysts have also issued reports about the company. Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Monday, March 3rd. HC Wainwright reduced their price target on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $8.33.

Nuvation Bio Stock Performance

Nuvation Bio stock opened at $2.31 on Wednesday. The business’s 50-day simple moving average is $2.39 and its 200-day simple moving average is $2.57. Nuvation Bio has a 52 week low of $1.67 and a 52 week high of $4.16. The firm has a market capitalization of $775.79 million, a PE ratio of -1.06 and a beta of 1.47.

Hedge Funds Weigh In On Nuvation Bio

Hedge funds have recently made changes to their positions in the business. FMR LLC increased its stake in Nuvation Bio by 54.9% in the fourth quarter. FMR LLC now owns 45,285,572 shares of the company’s stock valued at $120,460,000 after acquiring an additional 16,046,701 shares during the period. Vanguard Group Inc. grew its stake in shares of Nuvation Bio by 45.4% in the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock valued at $41,849,000 after purchasing an additional 4,913,820 shares during the period. Geode Capital Management LLC raised its holdings in shares of Nuvation Bio by 22.9% in the 4th quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company’s stock worth $13,174,000 after buying an additional 922,503 shares in the last quarter. State Street Corp lifted its position in shares of 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 during the period. Finally, MPM Bioimpact LLC acquired a new stake in Nuvation Bio in the 4th quarter valued at $11,077,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.