Wedbush Issues Optimistic Forecast for Nuvation Bio Earnings

Nuvation Bio Inc. (NYSE:NUVB) – Stock analysts at Wedbush upped their Q3 2024 earnings per share estimates for Nuvation Bio in a report released on Tuesday, October 22nd. Wedbush analyst D. Nierengarten now forecasts that the company will post earnings of ($0.12) per share for the quarter, up from their prior estimate of ($0.16). Wedbush currently has a “Outperform” rating and a $5.00 target price on the stock. The consensus estimate for Nuvation Bio’s current full-year earnings is ($0.41) per share. Wedbush also issued estimates for Nuvation Bio’s Q4 2024 earnings at ($0.13) EPS, FY2024 earnings at ($0.24) EPS, Q1 2025 earnings at ($0.13) EPS, Q2 2025 earnings at ($0.14) EPS, Q3 2025 earnings at ($0.16) EPS, Q4 2025 earnings at ($0.19) EPS, FY2025 earnings at ($0.62) EPS, FY2026 earnings at ($0.58) EPS and FY2027 earnings at ($0.32) EPS.

NUVB has been the subject of a number of other reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Tuesday, August 6th. HC Wainwright reduced their price target on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $6.40.

Nuvation Bio Stock Down 1.5 %

Shares of NYSE NUVB opened at $2.30 on Thursday. Nuvation Bio has a twelve month low of $0.95 and a twelve month high of $4.16. The stock has a fifty day simple moving average of $2.69 and a 200-day simple moving average of $2.95.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.09). The firm had revenue of $1.44 million during the quarter.

Insider Activity

In other news, Director Robert Mashal acquired 100,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average cost of $2.20 per share, with a total value of $220,000.00. Following the transaction, the director now owns 100,000 shares in the company, valued at approximately $220,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.07% of the company’s stock.

Institutional Investors Weigh In On Nuvation Bio

Institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Nuvation Bio during the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC lifted its position in shares of Nuvation Bio by 913.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock worth $32,000 after purchasing an additional 10,000 shares during the last quarter. Xponance Inc. purchased a new stake in shares of Nuvation Bio during the 2nd quarter worth $33,000. Caxton Associates LP purchased a new stake in shares of Nuvation Bio during the 2nd quarter worth $43,000. Finally, Choreo LLC purchased a new stake in shares of Nuvation Bio during the 2nd quarter worth $47,000. 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.