Nuvation Bio (NYSE:NUVB) Receives “Outperform” Rating from Wedbush

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a research report issued to clients and investors on Thursday,RTT News reports. They currently have a $5.00 price objective on the stock. Wedbush’s price target points to a potential upside of 166.67% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Jones Trading initiated coverage on Nuvation Bio in a research report on Wednesday, March 12th. They set a “buy” rating and a $10.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Finally, HC Wainwright decreased their price objective on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $9.00.

Nuvation Bio Price Performance

Shares of NUVB traded down $0.01 during mid-day trading on Thursday, hitting $1.88. The stock had a trading volume of 1,603,080 shares, compared to its average volume of 1,917,497. Nuvation Bio has a 52 week low of $1.71 and a 52 week high of $4.16. The firm has a market cap of $635.02 million, a P/E ratio of -0.86 and a beta of 1.47. The business has a fifty day moving average price of $2.21 and a 200-day moving average price of $2.50.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds and other institutional investors have recently modified their holdings of NUVB. FMR LLC grew its holdings in Nuvation Bio by 54.9% in the fourth quarter. FMR LLC now owns 45,285,572 shares of the company’s stock worth $120,460,000 after purchasing an additional 16,046,701 shares during the period. Vanguard Group Inc. increased its position in Nuvation Bio by 45.4% during the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock valued at $41,849,000 after buying an additional 4,913,820 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Nuvation Bio by 22.9% during the fourth quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company’s stock valued at $13,174,000 after acquiring an additional 922,503 shares in the last quarter. State Street Corp boosted its stake in Nuvation Bio by 4.8% in the 3rd quarter. State Street Corp now owns 4,166,441 shares of the company’s stock worth $9,541,000 after purchasing an additional 191,031 shares in the last quarter. Finally, MPM Bioimpact LLC bought a new stake in Nuvation Bio during the 4th quarter valued at about $11,077,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

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.