Wedbush Reaffirms “Outperform” Rating for Nuvation Bio (NYSE:NUVB)

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reissued by Wedbush in a research report issued to clients and investors on Thursday,RTT News reports. They presently have a $5.00 price objective on the stock. Wedbush’s price objective points to a potential upside of 175.48% from the stock’s previous close.

Several other brokerages have also issued reports on NUVB. Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 price objective (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. HC Wainwright reduced their price target 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. Finally, Jones Trading started coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price objective on the stock.

Nuvation Bio Trading Down 2.9 %

Shares of Nuvation Bio stock opened at $1.82 on Thursday. Nuvation Bio has a 12 month low of $1.71 and a 12 month high of $3.97. The company has a market capitalization of $614.70 million, a PE ratio of -0.84 and a beta of 1.47. The stock’s fifty day simple moving average is $2.19 and its 200 day simple moving average is $2.48.

Institutional Trading of Nuvation Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its stake in Nuvation Bio by 54.9% in the 4th quarter. FMR LLC now owns 45,285,572 shares of the company’s stock valued at $120,460,000 after buying an additional 16,046,701 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Nuvation Bio by 45.4% in the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock valued at $41,849,000 after acquiring an additional 4,913,820 shares in the last quarter. MPM Bioimpact LLC acquired a new stake in shares of Nuvation Bio in the fourth quarter valued at about $11,077,000. Frazier Life Sciences Management L.P. bought a new stake in Nuvation Bio during the third quarter worth about $2,790,000. Finally, Millennium Management LLC boosted its position in Nuvation Bio by 82.7% during the fourth quarter. Millennium Management LLC now owns 2,475,872 shares of the company’s stock valued at $6,586,000 after purchasing an additional 1,120,874 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.