Royal Bank of Canada Boosts Nuvation Bio (NYSE:NUVB) Price Target to $6.00

Nuvation Bio (NYSE:NUVB) had its target price hoisted by Royal Bank of Canada from $5.00 to $6.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price suggests a potential upside of 128.14% from the company’s current price.

NUVB has been the subject of several other research reports. HC Wainwright reduced their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Thursday. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Nuvation Bio has a consensus rating of “Buy” and an average price target of $6.60.

Nuvation Bio Price Performance

Shares of Nuvation Bio stock traded up $0.09 on Thursday, hitting $2.63. 1,196,107 shares of the company’s stock traded hands, compared to its average volume of 1,434,155. The company has a market capitalization of $655.51 million, a price-to-earnings ratio of -1.24 and a beta of 1.35. The company has a fifty day moving average of $2.57 and a two-hundred day moving average of $2.90. Nuvation Bio has a one year low of $1.21 and a one year high of $4.16.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Monday, August 5th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The firm had revenue of $1.44 million during the quarter. Equities research analysts anticipate that Nuvation Bio will post -0.29 earnings per share for the current year.

Insider Activity

In other news, Director Robert Mashal purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now owns 100,000 shares in the company, valued at $220,000. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently modified their holdings of NUVB. B. Riley Wealth Advisors Inc. bought a new position in Nuvation Bio during the second quarter valued at about $29,000. EverSource Wealth Advisors LLC boosted its stake in Nuvation Bio by 913.2% in the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after acquiring an additional 10,000 shares during the last quarter. Xponance Inc. bought a new position in shares of Nuvation Bio during the 2nd quarter valued at approximately $33,000. Caxton Associates LP purchased a new stake in shares of Nuvation Bio during the 2nd quarter worth approximately $43,000. Finally, Choreo LLC purchased a new stake in shares of Nuvation Bio during the 2nd quarter worth approximately $47,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Nuvation Bio Company Profile

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.