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

Nuvation Bio (NYSE:NUVB)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research report issued on Thursday,RTT News reports. They currently have a $5.00 price target on the stock. Wedbush’s price objective points to a potential upside of 175.48% from the stock’s current price.

NUVB has been the subject of a number of other research reports. HC Wainwright cut 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. Jones Trading started coverage on Nuvation Bio in a research report on Wednesday, March 12th. They set a “buy” rating and a $10.00 price target on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $10.00 price objective (up from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th.

Nuvation Bio Stock Performance

Shares of NUVB stock opened at $1.82 on Thursday. The company has a market capitalization of $614.70 million, a price-to-earnings ratio of -0.84 and a beta of 1.47. Nuvation Bio has a 52 week low of $1.71 and a 52 week high of $3.97. The company has a 50-day simple moving average of $2.19 and a 200 day simple moving average of $2.48.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds and other institutional investors have recently modified their holdings of NUVB. FMR LLC boosted its stake in Nuvation Bio by 54.9% in the fourth 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 in the last quarter. Vanguard Group Inc. raised its position in Nuvation Bio by 45.4% in the fourth quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock valued at $41,849,000 after purchasing an additional 4,913,820 shares during the last quarter. MPM Bioimpact LLC acquired a new stake in shares of Nuvation Bio during the fourth quarter valued at about $11,077,000. Frazier Life Sciences Management L.P. bought a new position in Nuvation Bio in the 3rd quarter valued at approximately $2,790,000. Finally, Millennium Management LLC boosted its position in Nuvation Bio by 82.7% during the 4th quarter. Millennium Management LLC now owns 2,475,872 shares of the company’s stock worth $6,586,000 after buying an additional 1,120,874 shares during the period. Institutional investors own 61.67% of the company’s stock.

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.