Nuvation Bio Inc. (NYSE:NUVB) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Nuvation Bio Inc. (NYSE:NUVB) have received a consensus rating of “Buy” from the six brokerages that are covering the stock, MarketBeat.com reports. Six research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $8.33.

NUVB has been the subject of a number of analyst reports. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research report on Monday, March 3rd. Royal Bank of Canada restated an “outperform” rating and issued a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Jones Trading assumed coverage on Nuvation Bio in a research note on Wednesday. They set a “buy” rating and a $10.00 target price for the company. Finally, HC Wainwright dropped their price target on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday.

Institutional Trading of Nuvation Bio

Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its position in Nuvation Bio by 4.8% during the 3rd quarter. State Street Corp now owns 4,166,441 shares of the company’s stock worth $9,541,000 after buying an additional 191,031 shares during the period. Wellington Management Group LLP increased its position in Nuvation Bio by 83.3% during the third quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after acquiring an additional 283,642 shares during the period. Geode Capital Management LLC boosted its holdings in Nuvation Bio by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after purchasing an additional 196,247 shares during the period. JPMorgan Chase & Co. grew its position in shares of Nuvation Bio by 479.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock worth $1,014,000 after purchasing an additional 366,429 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Nuvation Bio during the third quarter worth approximately $634,000. 61.67% of the stock is owned by institutional investors and hedge funds.

Nuvation Bio Stock Up 2.4 %

Shares of NYSE NUVB traded up $0.06 during trading hours on Wednesday, hitting $2.35. The company had a trading volume of 676,330 shares, compared to its average volume of 2,530,012. The stock has a market capitalization of $789.25 million, a P/E ratio of -1.08 and a beta of 1.47. Nuvation Bio has a 1-year low of $1.67 and a 1-year high of $4.16. The firm’s 50 day moving average is $2.39 and its 200-day moving average is $2.57.

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.