BMO Capital Markets Lowers Nuvation Bio (NYSE:NUVB) to Market Perform

BMO Capital Markets lowered shares of Nuvation Bio (NYSE:NUVBGet Rating) from an outperform rating to a market perform rating in a research report report published on Tuesday, MarketBeat Ratings reports. They currently have $2.50 price target on the stock, down from their previous price target of $8.00.

A number of other brokerages also recently issued reports on NUVB. HC Wainwright initiated coverage on shares of Nuvation Bio in a report on Wednesday, May 4th. They issued a buy rating and a $14.00 price target on the stock. BTIG Research downgraded shares of Nuvation Bio from a buy rating to a neutral rating in a report on Tuesday. Finally, Wedbush reduced their price target on shares of Nuvation Bio from $17.00 to $5.00 and set an outperform rating on the stock in a report on Monday, August 1st.

Nuvation Bio Stock Performance

NUVB opened at $2.49 on Tuesday. Nuvation Bio has a fifty-two week low of $2.25 and a fifty-two week high of $10.45. The firm’s fifty day moving average is $3.44 and its 200 day moving average is $4.96. The stock has a market cap of $545.46 million, a price-to-earnings ratio of -5.90 and a beta of 0.46.

Nuvation Bio (NYSE:NUVBGet Rating) last released its earnings results on Thursday, August 4th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.03). On average, equities research analysts predict that Nuvation Bio will post -0.52 earnings per share for the current year.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC bought a new position in shares of Nuvation Bio during the 4th quarter worth approximately $463,000. Rhumbline Advisers increased its stake in Nuvation Bio by 187.3% during the 4th quarter. Rhumbline Advisers now owns 150,477 shares of the company’s stock valued at $1,279,000 after purchasing an additional 98,100 shares in the last quarter. EDBI Pte Ltd acquired a new position in Nuvation Bio during the 4th quarter valued at approximately $10,799,000. Kingdon Capital Management L.L.C. acquired a new position in Nuvation Bio during the 4th quarter valued at approximately $3,600,000. Finally, SG Americas Securities LLC increased its stake in Nuvation Bio by 1,763.1% during the 4th quarter. SG Americas Securities LLC now owns 538,852 shares of the company’s stock valued at $4,580,000 after purchasing an additional 509,929 shares in the last quarter. 70.88% of the stock is owned by hedge funds and other institutional investors.

About Nuvation Bio

(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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