Nuvation Bio (NYSE:NUVB) Price Target Cut to $5.00 by Analysts at Wedbush

Nuvation Bio (NYSE:NUVBGet Rating) had its price target reduced by investment analysts at Wedbush from $17.00 to $5.00 in a note issued to investors on Monday, MarketBeat.com reports. The firm presently has an “outperform” rating on the stock. Wedbush’s price objective would indicate a potential upside of 100.80% from the company’s current price.

Separately, HC Wainwright initiated coverage on Nuvation Bio in a research report on Wednesday, May 4th. They set a “buy” rating and a $14.00 price objective for the company.

Nuvation Bio Stock Down 9.8 %

Nuvation Bio stock opened at $2.49 on Monday. Nuvation Bio has a 12 month low of $2.48 and a 12 month high of $10.45. The company’s fifty day simple moving average is $3.51 and its 200-day simple moving average is $5.03. The stock has a market cap of $545.46 million, a P/E ratio of -5.93 and a beta of 0.46.

Nuvation Bio (NYSE:NUVBGet Rating) last posted its quarterly earnings data on Monday, May 9th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.05. During the same period in the prior year, the business earned ($0.09) earnings per share. On average, equities research analysts expect that Nuvation Bio will post -0.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in Nuvation Bio in the second quarter valued at approximately $146,000. Jane Street Group LLC grew its holdings in Nuvation Bio by 14.4% during the first quarter. Jane Street Group LLC now owns 24,362 shares of the company’s stock worth $128,000 after buying an additional 3,070 shares in the last quarter. Quantbot Technologies LP boosted its holdings in Nuvation Bio by 147.7% during the 1st quarter. Quantbot Technologies LP now owns 13,383 shares of the company’s stock worth $70,000 after acquiring an additional 7,981 shares during the last quarter. Farallon Capital Management LLC raised its holdings in shares of Nuvation Bio by 102.8% in the first quarter. Farallon Capital Management LLC now owns 2,900,000 shares of the company’s stock valued at $15,254,000 after purchasing an additional 1,470,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Nuvation Bio by 387.9% during the first quarter. Goldman Sachs Group Inc. now owns 716,445 shares of the company’s stock worth $3,769,000 after purchasing an additional 569,597 shares during the last quarter. 70.88% of the stock is owned by institutional investors and hedge funds.

About Nuvation Bio

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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-422, a small molecule inhibitor targeting cyclin-dependent kinase (CDK)2, CDK4, and CDK6. It is also developing NUV-868, a selective oral small molecule BET inhibitor that epigenetically regulates proteins that control tumor growth and differentiation; NUV-569, a differentiated oral small molecule selective inhibitor of the Wee1 kinase for DNA damage repair; NUV-1182, an adenosine receptor inhibitor; and drug-drug conjugate (DDC) platform that focuses on targeting an inhibitor of poly ADP ribose polymerase (PARP) to anti-cancer warheads of existing drugs, as well as PARP inhibitor to address ER+ breast and ovarian cancer.

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