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

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

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

Nuvation Bio Stock Performance

Shares of Nuvation Bio stock opened at $2.49 on Tuesday. The firm has a fifty day moving average of $3.44 and a two-hundred day moving average of $4.96. The company has a market cap of $545.46 million, a P/E ratio of -5.90 and a beta of 0.46. Nuvation Bio has a one year low of $2.25 and a one year high of $10.45.

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

Institutional Trading of Nuvation Bio

A number of hedge funds have recently made changes to their positions in the stock. Strs Ohio boosted its holdings in Nuvation Bio by 141.2% in the fourth quarter. Strs Ohio now owns 36,900 shares of the company’s stock worth $313,000 after purchasing an additional 21,600 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in shares of Nuvation Bio during the fourth quarter valued at $463,000. New York State Common Retirement Fund boosted its holdings in shares of Nuvation Bio by 110.6% during the fourth quarter. New York State Common Retirement Fund now owns 83,128 shares of the company’s stock valued at $707,000 after acquiring an additional 43,657 shares during the period. SG Americas Securities LLC boosted its holdings in shares of Nuvation Bio by 1,763.1% during the fourth quarter. SG Americas Securities LLC now owns 538,852 shares of the company’s stock valued at $4,580,000 after acquiring an additional 509,929 shares during the period. Finally, Northern Trust Corp boosted its holdings in shares of Nuvation Bio by 89.8% during the fourth quarter. Northern Trust Corp now owns 1,415,446 shares of the company’s stock valued at $12,031,000 after acquiring an additional 669,667 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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