Royal Bank of Canada Increases Nuvation Bio (NYSE:NUVB) Price Target to $6.00

Nuvation Bio (NYSE:NUVB) had its price objective increased by equities researchers at Royal Bank of Canada from $5.00 to $6.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 128.14% from the company’s current price.

A number of other analysts have also issued reports on NUVB. Wedbush reiterated an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research note on Thursday. HC Wainwright reduced their target price on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, September 16th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Nuvation Bio currently has a consensus rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Price Performance

NYSE:NUVB traded up $0.09 on Thursday, reaching $2.63. 1,196,107 shares of the company’s stock were exchanged, compared to its average volume of 1,434,155. The firm has a market cap of $655.51 million, a price-to-earnings ratio of -1.24 and a beta of 1.35. The stock has a fifty day simple moving average of $2.57 and a 200-day simple moving average of $2.90. Nuvation Bio has a 52 week low of $1.21 and a 52 week high of $4.16.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Monday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.09). The business had revenue of $1.44 million for the quarter. As a group, sell-side analysts predict that Nuvation Bio will post -0.29 EPS for the current year.

Insider Buying and Selling

In other Nuvation Bio news, Director Robert Mashal bought 100,000 shares of Nuvation Bio stock in a transaction that occurred on Tuesday, October 8th. The stock was acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares in the company, valued at $220,000. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 5.07% of the stock is currently owned by company insiders.

Institutional Trading of Nuvation Bio

Several institutional investors and hedge funds have recently made changes to their positions in NUVB. Price T Rowe Associates Inc. MD boosted its stake in Nuvation Bio by 551.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock worth $4,932,000 after buying an additional 1,146,794 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Nuvation Bio by 415.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after purchasing an additional 820,669 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Nuvation Bio by 254.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 748,793 shares of the company’s stock valued at $2,726,000 after purchasing an additional 537,314 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Nuvation Bio by 81.9% in the first quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after purchasing an additional 528,660 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its stake in Nuvation Bio by 198.7% in the second quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock worth $1,850,000 after purchasing an additional 421,563 shares during the last quarter. 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.