Nuvation Bio (NYSE:NUVB) Reaches New 52-Week High – Here’s Why

Shares of Nuvation Bio Inc. (NYSE:NUVB) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $4.21 and last traded at $4.21, with a volume of 13141450 shares. The stock had previously closed at $3.70.

Analyst Ratings Changes

NUVB has been the subject of a number of recent analyst reports. Wedbush reissued an “outperform” rating and issued a $6.00 price objective on shares of Nuvation Bio in a report on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvation Bio in a report on Wednesday, October 8th. Jefferies Financial Group initiated coverage on Nuvation Bio in a report on Tuesday, September 30th. They issued a “buy” rating and a $10.00 price objective for the company. Royal Bank Of Canada increased their price objective on Nuvation Bio from $6.00 to $7.00 and gave the stock an “outperform” rating in a report on Friday, August 8th. Finally, Wall Street Zen raised Nuvation Bio from a “sell” rating to a “hold” rating in a research note on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.86.

Nuvation Bio Trading Up 13.6%

The business has a 50 day simple moving average of $3.29 and a 200-day simple moving average of $2.55. The company has a debt-to-equity ratio of 0.13, a quick ratio of 9.38 and a current ratio of 9.39. The stock has a market capitalization of $1.44 billion, a P/E ratio of -6.67 and a beta of 1.48.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, hitting the consensus estimate of ($0.17). The business had revenue of $4.83 million during the quarter, compared to analyst estimates of $0.42 million. Nuvation Bio had a negative return on equity of 46.14% and a negative net margin of 1,413.43%. On average, analysts predict that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Institutional Investors Weigh In On Nuvation Bio

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in shares of Nuvation Bio by 16.8% during the 2nd quarter. Geode Capital Management LLC now owns 5,994,798 shares of the company’s stock worth $11,691,000 after acquiring an additional 864,194 shares in the last quarter. MPM Bioimpact LLC boosted its stake in shares of Nuvation Bio by 11.7% during the 1st quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company’s stock worth $8,188,000 after acquiring an additional 488,065 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock worth $6,642,000 after acquiring an additional 1,298,131 shares in the last quarter. Algert Global LLC boosted its stake in shares of Nuvation Bio by 15.3% during the 1st quarter. Algert Global LLC now owns 1,005,226 shares of the company’s stock worth $1,769,000 after acquiring an additional 133,757 shares in the last quarter. Finally, Natixis bought a new stake in shares of Nuvation Bio during the 2nd quarter worth $1,766,000. 61.67% of the stock is owned by 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.