Nuvation Bio (NYSE:NUVB) Releases Earnings Results, Beats Expectations By $0.01 EPS

Nuvation Bio (NYSE:NUVB) announced its earnings results on Monday. The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.01, Zacks reports. Nuvation Bio had a negative return on equity of 46.14% and a negative net margin of 1,413.43%.

Nuvation Bio Price Performance

Shares of NYSE NUVB traded down $0.05 during midday trading on Monday, reaching $5.17. 7,422,290 shares of the stock traded hands, compared to its average volume of 5,079,166. The company’s 50 day moving average is $3.63 and its 200 day moving average is $2.73. Nuvation Bio has a one year low of $1.54 and a one year high of $5.55. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.39 and a quick ratio of 9.38. The stock has a market capitalization of $1.77 billion, a PE ratio of -8.21 and a beta of 1.49.

Analysts Set New Price Targets

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

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, insider Gary Hattersley sold 100,000 shares of the stock in a transaction on Monday, October 27th. The shares were sold at an average price of $5.02, for a total transaction of $502,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 29.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nuvation Bio

Several large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its stake in shares of Nuvation Bio by 52.4% in the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock valued at $6,642,000 after purchasing an additional 1,298,131 shares during the last quarter. Marshall Wace LLP purchased a new stake in Nuvation Bio during the 2nd quarter valued at $1,699,000. American Century Companies Inc. lifted its position in Nuvation Bio by 12.6% in the second quarter. American Century Companies Inc. now owns 547,929 shares of the company’s stock worth $1,068,000 after buying an additional 61,394 shares during the last quarter. Armistice Capital LLC purchased a new position in Nuvation Bio during the second quarter worth $975,000. Finally, Invesco Ltd. increased its position in Nuvation Bio by 7.0% during the second quarter. Invesco Ltd. now owns 393,414 shares of the company’s stock valued at $767,000 after acquiring an additional 25,642 shares during the last quarter. 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.