Nuvation Bio (NYSE:NUVB) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Nuvation Bio (NYSE:NUVB) in a research note published on Tuesday morning,Benzinga reports. They currently have a $10.00 target price on the stock, up from their prior target price of $6.00.

NUVB has been the topic of several other research reports. Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Monday. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Nuvation Bio in a research report on Monday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $7.40.

Nuvation Bio Price Performance

Shares of NYSE:NUVB opened at $3.22 on Tuesday. The company has a market capitalization of $1.08 billion, a P/E ratio of -1.48 and a beta of 1.47. Nuvation Bio has a 1-year low of $1.43 and a 1-year high of $4.16. The firm’s 50 day simple moving average is $2.72 and its two-hundred day simple moving average is $2.82.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Zacks Investment Management raised its stake in Nuvation Bio by 21.5% during the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after purchasing an additional 6,394 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Nuvation Bio by 58.7% during the 2nd quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock valued at $76,000 after buying an additional 9,603 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Nuvation Bio by 913.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after buying an additional 10,000 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Nuvation Bio in the 2nd quarter valued at about $29,000. Finally, Xponance Inc. purchased a new position in Nuvation Bio in the second quarter worth about $33,000. 61.67% of the stock is currently owned by institutional investors.

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.