Nuvation Bio Inc. (NYSE:NUVB) Given Average Rating of “Buy” by Brokerages

Nuvation Bio Inc. (NYSE:NUVB) has been given a consensus recommendation of “Buy” by the six brokerages that are currently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $7.83.

A number of analysts have weighed in on NUVB shares. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research report on Wednesday. Wall Street Zen raised shares of Nuvation Bio from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Citigroup assumed coverage on shares of Nuvation Bio in a research report on Wednesday, April 23rd. They set an “outperform” rating for the company. Citizens Jmp started coverage on shares of Nuvation Bio in a research report on Wednesday, April 23rd. They issued a “mkt outperform” rating and a $6.00 price target on the stock. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $6.00 price objective on shares of Nuvation Bio in a report on Monday, June 2nd.

Insider Buying and Selling

In related news, insider Dongfang Liu sold 20,000 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $2.50, for a total value of $50,000.00. Following the transaction, the insider now directly owns 12,000 shares in the company, valued at approximately $30,000. This represents a 62.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO David Hung bought 300,000 shares of the firm’s stock in a transaction on Monday, April 7th. The stock was purchased at an average cost of $1.62 per share, for a total transaction of $486,000.00. Following the completion of the acquisition, the chief executive officer now owns 58,781,054 shares in the company, valued at approximately $95,225,307.48. This trade represents a 0.51% increase in their ownership of the stock. The disclosure for this purchase can be found here. 29.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NUVB. Peapod Lane Capital LLC bought a new position in shares of Nuvation Bio during the fourth quarter worth about $1,042,000. Palumbo Wealth Management LLC increased its position in Nuvation Bio by 297.4% during the 4th quarter. Palumbo Wealth Management LLC now owns 65,360 shares of the company’s stock valued at $174,000 after purchasing an additional 48,914 shares during the period. Abacus Planning Group Inc. bought a new position in Nuvation Bio during the 4th quarter worth approximately $44,000. Ieq Capital LLC acquired a new position in shares of Nuvation Bio in the 4th quarter worth approximately $98,000. Finally, Bank of New York Mellon Corp lifted its position in shares of Nuvation Bio by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 518,575 shares of the company’s stock worth $1,379,000 after purchasing an additional 14,203 shares during the period. 61.67% of the stock is currently owned by institutional investors.

Nuvation Bio Stock Down 13.0%

Shares of NUVB opened at $2.20 on Thursday. The firm has a market cap of $748.58 million, a price-to-earnings ratio of -1.01 and a beta of 1.37. The company’s fifty day moving average is $2.15 and its 200-day moving average is $2.32. Nuvation Bio has a 12 month low of $1.54 and a 12 month high of $3.97.

Nuvation Bio (NYSE:NUVB) last announced its earnings results on Wednesday, May 7th. The company reported ($0.16) EPS for the quarter, hitting the consensus estimate of ($0.16). The firm had revenue of $3.08 million during the quarter, compared to the consensus estimate of $0.42 million. As a group, research analysts predict that Nuvation Bio will post -0.36 earnings per share for the current fiscal year.

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.