Nuvation Bio (NYSE:NUVB) Receives 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 report released on Tuesday,Benzinga reports. Royal Bank of Canada currently has a $10.00 price target on the stock, up from their previous price target of $6.00.

A number of other equities analysts have also weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Nuvation Bio in a report on Monday. Wedbush restated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Monday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $7.40.

Nuvation Bio Trading Up 13.4 %

Nuvation Bio stock opened at $3.22 on Tuesday. Nuvation Bio has a 12 month low of $1.43 and a 12 month high of $4.16. The business’s fifty day simple moving average is $2.72 and its two-hundred day simple moving average is $2.82. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.48 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) EPS 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, equities research analysts predict that Nuvation Bio will post -0.4 EPS for the current year.

Hedge Funds Weigh In On Nuvation Bio

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp boosted its position in Nuvation Bio by 4.8% in the third 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 during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Nuvation Bio by 83.3% in the third quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after buying an additional 283,642 shares during the last quarter. Geode Capital Management LLC grew its position in Nuvation Bio by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after buying an additional 196,247 shares during the period. Dimensional Fund Advisors LP increased its holdings in Nuvation Bio by 415.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after buying an additional 820,669 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Nuvation Bio in the third quarter worth approximately $634,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.