Nuvation Bio (NYSE:NUVB) Announces Earnings Results, Meets Expectations

Nuvation Bio (NYSE:NUVB) issued its quarterly earnings results on Wednesday. The company reported ($0.12) EPS for the quarter, hitting analysts’ consensus estimates of ($0.12), FiscalAI reports. Nuvation Bio had a negative return on equity of 46.59% and a negative net margin of 88.18%. The business had revenue of $44.95 million for the quarter, compared to analyst estimates of $34.39 million.

Nuvation Bio Stock Performance

Shares of NUVB traded down $0.01 during mid-day trading on Wednesday, hitting $4.68. The stock had a trading volume of 8,301,751 shares, compared to its average volume of 5,487,188. The firm has a market cap of $1.64 billion, a P/E ratio of -10.64 and a beta of 1.73. The business has a fifty day moving average price of $5.55 and a 200-day moving average price of $5.40. The company has a debt-to-equity ratio of 0.96, a current ratio of 8.37 and a quick ratio of 8.14. Nuvation Bio has a 52 week low of $4.05 and a 52 week high of $9.75.

Insider Buying and Selling at Nuvation Bio

In related news, insider Gary Hattersley sold 100,000 shares of Nuvation Bio stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $7.09, for a total value 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 trade represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 30.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NUVB. Wall Street Zen downgraded Nuvation Bio from a “hold” rating to a “sell” rating in a research note on Saturday, October 10th. B. Riley Financial reissued a “buy” rating on shares of Nuvation Bio in a report on Friday, August 7th. HC Wainwright increased their price target on shares of Nuvation Bio from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. assumed coverage on shares of Nuvation Bio in a report on Tuesday, August 18th. They set an “overweight” rating and a $13.00 price objective for the company. Finally, Wedbush reaffirmed an “outperform” rating and issued a $11.00 price objective on shares of Nuvation Bio in a research report on Wednesday, September 16th. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.22.

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.