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

Nuvation Bio (NYSE:NUVB) had its target price lifted by investment analysts at Royal Bank of Canada from $4.00 to $5.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 83.82% from the stock’s previous close.

NUVB has been the topic of several other reports. Jefferies Financial Group upgraded shares of Nuvation Bio from a “hold” rating to a “buy” rating and upped their price objective for the stock from $1.40 to $10.00 in a report on Wednesday, March 27th. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Friday, March 1st. HC Wainwright upped their target price on shares of Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. Finally, BTIG Research raised shares of Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a research note on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $6.60.

Nuvation Bio Stock Down 3.2 %

NYSE:NUVB traded down $0.09 on Wednesday, hitting $2.72. The stock had a trading volume of 1,101,721 shares, compared to its average volume of 1,192,322. The stock has a market cap of $593.10 million, a price-to-earnings ratio of -8.03 and a beta of 1.37. The company has a fifty day moving average price of $2.44 and a two-hundred day moving average price of $1.75. Nuvation Bio has a 1-year low of $0.95 and a 1-year high of $4.16.

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

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Nuvation Bio by 14.8% during the 1st quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock valued at $68,025,000 after acquiring an additional 1,671,908 shares in the last quarter. Baupost Group LLC MA grew its holdings in shares of Nuvation Bio by 21.1% during the first quarter. Baupost Group LLC MA now owns 10,443,494 shares of the company’s stock worth $54,933,000 after buying an additional 1,820,473 shares in the last quarter. State Street Corp grew its holdings in shares of Nuvation Bio by 4.1% during the third quarter. State Street Corp now owns 3,070,398 shares of the company’s stock worth $6,878,000 after buying an additional 122,284 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Nuvation Bio by 14.3% during the second quarter. Geode Capital Management LLC now owns 2,730,710 shares of the company’s stock worth $4,915,000 after buying an additional 342,435 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Nuvation Bio by 3.9% during the third quarter. Northern Trust Corp now owns 1,300,835 shares of the company’s stock worth $1,743,000 after buying an additional 49,301 shares in the last quarter. 61.67% of the stock is currently 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.