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

Shares of Nuvation Bio Inc. (NYSE:NUVB) have been assigned a consensus rating of “Buy” from the six brokerages that are covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $7.83.

A number of brokerages have recently weighed in on NUVB. HC Wainwright lowered their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 10th. Citigroup began coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They issued an “outperform” rating for the company. Jones Trading began coverage on shares of Nuvation Bio in a report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price objective for the company. Wedbush restated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Thursday. Finally, Citizens Jmp began coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They set a “mkt outperform” rating and a $6.00 price target for the company.

Nuvation Bio Price Performance

Shares of Nuvation Bio stock opened at $2.26 on Friday. The firm has a market cap of $763.72 million, a PE ratio of -1.04 and a beta of 1.42. Nuvation Bio has a 1 year low of $1.54 and a 1 year high of $3.97. The company has a 50 day simple moving average of $2.00 and a two-hundred day simple moving average of $2.35.

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

Insider Activity at Nuvation Bio

In related news, insider Dongfang Liu sold 20,000 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the sale, the insider now directly owns 12,000 shares in the company, valued at $30,000. This represents a 62.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO David Hung acquired 200,000 shares of Nuvation Bio stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $1.66 per share, for a total transaction of $332,000.00. Following the completion of the transaction, the chief executive officer now owns 58,481,054 shares in the company, valued at approximately $97,078,549.64. This trade represents a 0.34% increase in their position. The disclosure for this purchase can be found here. 29.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Exome Asset Management LLC purchased a new position in Nuvation Bio during the 1st quarter valued at $170,000. Millennium Management LLC increased its position in Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock valued at $6,642,000 after purchasing an additional 1,298,131 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Nuvation Bio by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company’s stock valued at $191,000 after purchasing an additional 4,608 shares during the period. AWM Investment Company Inc. purchased a new position in Nuvation Bio during the 1st quarter valued at $1,144,000. Finally, MPM Bioimpact LLC increased its position in Nuvation Bio by 11.7% during the 1st quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company’s stock valued at $8,188,000 after purchasing an additional 488,065 shares during the period. 61.67% of the stock is owned by hedge funds and other institutional investors.

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.