Zacks Investment Research upgraded shares of Nuvation Bio (NYSE:NUVB – Get Rating) from a sell rating to a hold rating in a report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $4.50 price objective on the stock.
According to Zacks, “Nuvation Bio Inc. is a biopharmaceutical company. It engages in developing differentiated and novel therapeutic candidates for unmet needs in oncology. Nuvation Bio Inc., formerly known as Panacea Acquisition Corp., is based in NEW YORK. “
A number of other equities research analysts have also recently weighed in on the stock. Wedbush reissued an outperform rating and issued a $23.00 price target on shares of Nuvation Bio in a research report on Tuesday, March 1st. BMO Capital Markets reduced their price target on shares of Nuvation Bio from $17.00 to $12.00 and set an outperform rating for the company in a research report on Tuesday, March 22nd. Finally, HC Wainwright began coverage on shares of Nuvation Bio in a research report on Wednesday, May 4th. They issued a buy rating and a $14.00 price target for the company.
Nuvation Bio (NYSE:NUVB – Get Rating) last announced its quarterly earnings results on Monday, May 9th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.04. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. Equities research analysts expect that Nuvation Bio will post -0.64 EPS for the current year.
In other Nuvation Bio news, major shareholder Fund V. L.P. Omega sold 2,500,000 shares of Nuvation Bio stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $5.60, for a total value of $14,000,000.00. Following the transaction, the insider now directly owns 20,457,340 shares in the company, valued at $114,561,104. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 34.75% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Morgan Stanley increased its stake in shares of Nuvation Bio by 3.7% during the second quarter. Morgan Stanley now owns 52,440 shares of the company’s stock worth $488,000 after acquiring an additional 1,890 shares during the period. Swiss National Bank increased its stake in shares of Nuvation Bio by 0.7% during the third quarter. Swiss National Bank now owns 264,500 shares of the company’s stock worth $2,629,000 after acquiring an additional 1,900 shares during the period. Royal Bank of Canada increased its stake in shares of Nuvation Bio by 76.6% during the third quarter. Royal Bank of Canada now owns 7,287 shares of the company’s stock worth $73,000 after acquiring an additional 3,161 shares during the period. Raymond James & Associates increased its stake in shares of Nuvation Bio by 28.9% during the first quarter. Raymond James & Associates now owns 16,060 shares of the company’s stock worth $84,000 after acquiring an additional 3,600 shares during the period. Finally, Teacher Retirement System of Texas increased its stake in shares of Nuvation Bio by 23.9% during the third quarter. Teacher Retirement System of Texas now owns 19,217 shares of the company’s stock worth $191,000 after acquiring an additional 3,712 shares during the period. Institutional investors and hedge funds own 70.88% of the company’s stock.
Nuvation Bio Company Profile (Get Rating)
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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