Nuvation Bio (NYSE:NUVB) Price Target Raised to $5.00 at Royal Bank of Canada

Nuvation Bio (NYSE:NUVB) had its price target hoisted by Royal Bank of Canada from $4.00 to $5.00 in a research report sent to investors on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other brokerages have also weighed in on NUVB. HC Wainwright increased their price objective on Nuvation Bio from $5.00 to $8.00 and gave the company a buy rating in a report on Thursday, March 28th. Wedbush reissued an outperform rating and set a $5.00 price objective on shares of Nuvation Bio in a report on Friday, March 1st. BTIG Research raised Nuvation Bio from a neutral rating to a buy rating and set a $5.00 price objective for the company in a report on Tuesday, March 26th. Finally, Jefferies Financial Group raised Nuvation Bio from a hold rating to a buy rating and increased their price objective for the company from $1.40 to $10.00 in a report on Wednesday, March 27th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of Buy and an average price target of $6.60.

Nuvation Bio Stock Down 4.6 %

NUVB stock opened at $2.68 on Wednesday. The business has a 50 day moving average of $2.46 and a 200-day moving average of $1.76. Nuvation Bio has a 12-month low of $0.95 and a 12-month high of $4.16.

Nuvation Bio (NYSE:NUVB) last released its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. As a group, analysts expect that Nuvation Bio will post -0.35 EPS for the current year.

Institutional Investors Weigh In On Nuvation Bio

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its position in Nuvation Bio by 6.4% during the first quarter. JPMorgan Chase & Co. now owns 715,400 shares of the company’s stock valued at $3,762,000 after purchasing an additional 43,179 shares in the last quarter. Raymond James & Associates raised its position in Nuvation Bio by 28.9% during the first quarter. Raymond James & Associates now owns 16,060 shares of the company’s stock valued at $84,000 after purchasing an additional 3,600 shares in the last quarter. MetLife Investment Management LLC raised its position in Nuvation Bio by 55.4% during the first quarter. MetLife Investment Management LLC now owns 89,675 shares of the company’s stock valued at $472,000 after purchasing an additional 31,975 shares in the last quarter. Rhumbline Advisers raised its position in Nuvation Bio by 8.1% during the first quarter. Rhumbline Advisers now owns 162,651 shares of the company’s stock valued at $856,000 after purchasing an additional 12,174 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Nuvation Bio by 14.8% during the first quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock valued at $68,025,000 after purchasing an additional 1,671,908 shares in the last quarter. Institutional investors own 61.67% of the company’s stock.

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.