Wedbush Predicts Nuvation Bio’s FY2024 Earnings (NYSE:NUVB)

Nuvation Bio Inc. (NYSE:NUVB) – Research analysts at Wedbush reduced their FY2024 earnings estimates for Nuvation Bio in a research note issued to investors on Thursday, November 7th. Wedbush analyst D. Nierengarten now forecasts that the company will earn ($0.35) per share for the year, down from their previous forecast of ($0.24). 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 ($0.40) per share. Wedbush also issued estimates for Nuvation Bio’s Q4 2024 earnings at ($0.12) EPS, Q2 2025 earnings at ($0.13) EPS, FY2025 earnings at ($0.61) EPS, FY2026 earnings at ($0.60) EPS, FY2027 earnings at ($0.34) EPS and FY2028 earnings at ($0.03) EPS.

A number of other equities analysts also recently weighed in on NUVB. HC Wainwright reduced their price target on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada increased their target price on shares of Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio currently has a consensus rating of “Buy” and an average price target of $6.60.

Nuvation Bio Price Performance

NUVB stock opened at $3.01 on Monday. The stock has a market capitalization of $748.98 million, a P/E ratio of -1.38 and a beta of 1.35. Nuvation Bio has a fifty-two week low of $1.21 and a fifty-two week high of $4.16. The business has a 50-day moving average of $2.55 and a 200-day moving average of $2.91.

Nuvation Bio (NYSE:NUVB) last released its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The business had revenue of $0.73 million during the quarter.

Insider Buying and Selling at Nuvation Bio

In related news, Director Robert Mashal acquired 100,000 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were bought at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now directly owns 100,000 shares in the company, valued at approximately $220,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Nuvation Bio by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after purchasing an additional 219,533 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Nuvation Bio by 81.9% during the 1st quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after acquiring an additional 528,660 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Nuvation Bio by 551.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock valued at $4,932,000 after acquiring an additional 1,146,794 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Nuvation Bio by 415.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after purchasing an additional 820,669 shares during the last quarter. Finally, Panagora Asset Management Inc. boosted its position in Nuvation Bio by 198.7% during the second quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock worth $1,850,000 after purchasing an additional 421,563 shares during the period. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.