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

Nuvation Bio (NYSE:NUVB) had its price target hoisted by Royal Bank of Canada from $4.00 to $5.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

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

Nuvation Bio Stock Performance

NYSE:NUVB opened at $2.58 on Wednesday. The stock’s 50-day moving average is $2.49 and its 200-day moving average is $1.77. Nuvation Bio has a 1-year low of $0.95 and a 1-year high of $4.16.

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

Hedge Funds Weigh In On Nuvation Bio

Several institutional investors have recently added to or reduced their stakes in NUVB. Baupost Group LLC MA raised its position in shares of Nuvation Bio by 21.1% during the first quarter. Baupost Group LLC MA now owns 10,443,494 shares of the company’s stock worth $54,933,000 after purchasing an additional 1,820,473 shares during the period. Vanguard Group Inc. grew its holdings in Nuvation Bio by 14.8% during the first quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock worth $68,025,000 after buying an additional 1,671,908 shares in the last quarter. Octagon Capital Advisors LP bought a new stake in Nuvation Bio during the fourth quarter worth $1,510,000. Price T Rowe Associates Inc. MD grew its holdings in Nuvation Bio by 971.0% during the third quarter. Price T Rowe Associates Inc. MD now owns 911,533 shares of the company’s stock worth $2,043,000 after buying an additional 826,426 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Nuvation Bio by 387.9% during the first quarter. Goldman Sachs Group Inc. now owns 716,445 shares of the company’s stock worth $3,769,000 after buying an additional 569,597 shares in the last quarter. 61.67% of the stock is owned by institutional investors and hedge funds.

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.