Nuvation Bio (NYSE:NUVB) Price Target Raised to $5.00 at Royal Bank of Canada

Nuvation Bio (NYSE:NUVB) had its price target upped by research analysts at Royal Bank of Canada from $4.00 to $5.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential upside of 83.82% from the stock’s current price.

Several other equities research analysts have also recently issued reports on the company. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Friday, March 1st. HC Wainwright upped their target price on Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Jefferies Financial Group upgraded Nuvation Bio from a “hold” rating to a “buy” rating and upped their target price for the stock from $1.40 to $10.00 in a research note on Wednesday, March 27th. Finally, BTIG Research upgraded Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Tuesday, March 26th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio has an average rating of “Buy” and a consensus price target of $6.60.

Nuvation Bio Price Performance

NYSE NUVB traded down $0.09 during trading on Wednesday, reaching $2.72. 1,101,721 shares of the company’s stock were exchanged, compared to its average volume of 1,192,322. The business has a 50 day moving average price of $2.44 and a 200-day moving average price of $1.75. The stock has a market capitalization of $593.10 million, a P/E ratio of -8.03 and a beta of 1.37. Nuvation Bio has a fifty-two week low of $0.95 and a fifty-two week high of $4.16.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. On average, analysts forecast that Nuvation Bio will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On Nuvation Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Centiva Capital LP purchased a new stake in Nuvation Bio in the fourth quarter worth about $26,000. Clarius Group LLC bought a new position in Nuvation Bio during the third quarter valued at approximately $26,000. Royal Bank of Canada lifted its position in Nuvation Bio by 133.4% during the second quarter. Royal Bank of Canada now owns 15,199 shares of the company’s stock valued at $27,000 after purchasing an additional 8,687 shares during the period. Virtu Financial LLC purchased a new stake in Nuvation Bio during the fourth quarter valued at approximately $31,000. Finally, Beacon Pointe Advisors LLC purchased a new stake in Nuvation Bio during the fourth quarter valued at approximately $33,000. Hedge funds and other institutional investors 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.