Nuvation Bio (NYSE:NUVB) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Nuvation Bio (NYSE:NUVB) from a strong sell rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

Other analysts also recently issued reports about the stock. Truist Financial boosted their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $11.00 target price on shares of Nuvation Bio in a research report on Tuesday, May 5th. HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Nuvation Bio in a report on Tuesday, May 5th. Royal Bank Of Canada dropped their price target on Nuvation Bio from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday. Finally, Citigroup reissued a “market outperform” rating on shares of Nuvation Bio in a research note on Wednesday, June 10th. Eight research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.38.

Nuvation Bio Stock Performance

Shares of NUVB opened at $5.67 on Monday. Nuvation Bio has a one year low of $2.03 and a one year high of $9.75. The company has a 50-day moving average of $5.03 and a two-hundred day moving average of $5.56. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -13.20 and a beta of 1.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 7.44 and a quick ratio of 7.24.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings results on Monday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The business had revenue of $83.23 million for the quarter, compared to analyst estimates of $66.22 million. Nuvation Bio had a negative net margin of 102.06% and a negative return on equity of 44.10%. On average, equities research analysts expect that Nuvation Bio will post -0.39 earnings per share for the current year.

Insider Activity at Nuvation Bio

In other news, insider Stacy Markel sold 125,000 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $6.03, for a total transaction of $753,750.00. Following the transaction, the insider directly owned 32,591 shares in the company, valued at $196,523.73. The trade was a 79.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Dongfang Liu sold 50,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the insider directly owned 18,000 shares in the company, valued at $90,360. This trade represents a 73.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 322,418 shares of company stock worth $1,854,612. 30.11% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuvation Bio

Hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in Nuvation Bio by 852.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,708,553 shares of the company’s stock worth $24,270,000 after acquiring an additional 2,424,109 shares in the last quarter. Armistice Capital LLC increased its stake in shares of Nuvation Bio by 359.2% during the 3rd quarter. Armistice Capital LLC now owns 2,296,000 shares of the company’s stock worth $8,495,000 after purchasing an additional 1,796,000 shares during the last quarter. Capricorn Fund Managers Ltd bought a new position in shares of Nuvation Bio during the 4th quarter valued at $14,236,000. Millennium Management LLC raised its holdings in shares of Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock valued at $6,642,000 after purchasing an additional 1,298,131 shares in the last quarter. Finally, SymBiosis Capital Partners LLC acquired a new stake in shares of Nuvation Bio in the 4th quarter valued at $11,200,000. 61.67% of the stock is owned by hedge funds and other institutional investors.

About Nuvation Bio

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.