Nuvation Bio (NYSE:NUVB) Price Target Cut to $17.00 by Analysts at Royal Bank Of Canada

Nuvation Bio (NYSE:NUVB) had its price target trimmed by Royal Bank Of Canada from $20.00 to $17.00 in a report published on Thursday,Benzinga reports. The firm currently has an outperform rating on the stock.

Other equities analysts have also issued research reports about the company. B. Riley Financial reaffirmed a “buy” rating on shares of Nuvation Bio in a report on Friday, August 7th. JPMorgan Chase & Co. began coverage on shares of Nuvation Bio in a research report on Tuesday, August 18th. They set an “overweight” rating and a $13.00 price objective for the company. Cantor Fitzgerald assumed coverage on shares of Nuvation Bio in a research note on Friday, August 21st. They set an “overweight” rating on the stock. Citigroup restated a “market outperform” rating on shares of Nuvation Bio in a research report on Monday, October 19th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nuvation Bio in a report on Thursday, October 15th. Nine equities 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $12.89.

Nuvation Bio Stock Performance

NYSE:NUVB opened at $4.26 on Thursday. The company has a quick ratio of 8.14, a current ratio of 8.37 and a debt-to-equity ratio of 0.96. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -10.64 and a beta of 1.73. The company has a fifty day simple moving average of $5.44 and a two-hundred day simple moving average of $5.38. Nuvation Bio has a 52 week low of $4.05 and a 52 week high of $9.75.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data on Wednesday, November 4th. The company reported ($0.12) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.12). The business had revenue of $44.95 million for the quarter, compared to analyst estimates of $34.39 million. Nuvation Bio had a negative net margin of 67.38% and a negative return on equity of 43.15%. As a group, equities analysts anticipate that Nuvation Bio will post -0.34 earnings per share for the current fiscal year.

Insider Transactions at Nuvation Bio

In related news, insider Gary Hattersley sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $7.09, for a total transaction of $709,000.00. Following the completion of the sale, the insider owned 100,000 shares of the company’s stock, valued at approximately $709,000. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 30.11% of the company’s stock.

Institutional Investors Weigh In On Nuvation Bio

A number of large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC acquired a new position in Nuvation Bio in the first quarter worth $2,399,000. Bank of New York Mellon Corp bought a new position in Nuvation Bio during the 2nd quarter worth $3,804,000. NewEdge Advisors LLC increased its position in Nuvation Bio by 19.5% in the second quarter. NewEdge Advisors LLC now owns 1,231,733 shares of the company’s stock worth $6,996,000 after buying an additional 200,621 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Nuvation Bio in the 2nd quarter valued at about $625,000. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Nuvation Bio by 75.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,439,357 shares of the company’s stock worth $6,175,000 after buying an additional 619,725 shares during the period. 61.67% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Nuvation Bio

Here are the key news stories impacting Nuvation Bio this week:

• Positive Sentiment: IBTROZI generated $27.5 million in Q3 net product revenue, and the company reported $45.0 million in total revenue, ahead of the cited $34.39 million analyst estimate. Management said IBTROZI grew 18% sequentially and leads the ROS1 market in new patient starts and active patients. Nuvation Bio Q3 results and business update
• Positive Sentiment: The company outlined potential European approval for IBTROZI in the first half of next year, which could trigger an approximately $30 million milestone payment. Europe approval and milestone update
• Positive Sentiment: Further pipeline and product catalysts include an FDA label update reflecting a 49.7-month median duration of response for IBTROZI in the specified patient group, Fast Track designation for safusidenib, and $663.4 million in cash, equivalents, and marketable securities at quarter-end. Nuvation Bio Q3 results and business update
• Negative Sentiment: Royal Bank of Canada lowered its price target from $20 to $17, while maintaining an Outperform rating. B. Riley also cut its target, from $14 to $13, but kept its Buy rating. Target reductions may weigh on sentiment even though both firms remain positive on the shares. Royal Bank of Canada rating update B. Riley price target update
• Negative Sentiment: NUVB reported a Q3 loss of $0.12 per share. That matched the consensus cited by some reports but was a penny worse than the $0.11 loss estimate cited by Zacks, making the earnings picture slightly mixed despite the revenue beat. Zacks Q3 earnings report

About Nuvation Bio

Nuvation Bio, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for patients with cancer. The company seeks to address areas of significant unmet need, with an emphasis on targeted therapies for solid tumors.

Nuvation Bio’s lead product is taletrectinib, a next-generation tyrosine kinase inhibitor designed for patients with ROS1-positive non-small cell lung cancer (NSCLC), including certain tumors that have developed resistance to earlier ROS1-targeted treatments.