Zacks Investment Research upgraded shares of Nuvation Bio (NYSE:NUVB) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. The firm currently has $11.00 price target 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. “
Shares of NYSE:NUVB opened at $9.78 on Wednesday. The company has a market capitalization of $2.13 billion and a price-to-earnings ratio of -42.52. Nuvation Bio has a 12 month low of $7.66 and a 12 month high of $15.23. The firm’s 50-day moving average is $9.41 and its 200 day moving average is $9.71.
A number of institutional investors have recently added to or reduced their stakes in NUVB. Cresset Asset Management LLC purchased a new stake in Nuvation Bio in the 1st quarter valued at about $1,328,000. Geode Capital Management LLC purchased a new stake in Nuvation Bio in the 1st quarter valued at about $5,450,000. Northern Trust Corp purchased a new stake in shares of Nuvation Bio in the 1st quarter worth approximately $1,239,000. Bank of New York Mellon Corp purchased a new stake in shares of Nuvation Bio in the 1st quarter worth approximately $252,000. Finally, AWM Investment Company Inc. purchased a new stake in shares of Nuvation Bio in the 1st quarter worth approximately $4,554,000. 55.03% 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-422, a small molecule inhibitor targeting CDK2, CDK4, and CDK6. It is also developing NUV-868, a selective inhibitor of the BET family of epigenetic transcriptional regulators; NUV-569, a differentiated selective inhibitor of the Wee1 kinase; NUV-1182, an adenosine receptor inhibitor; and DDC platform that focuses on targeting an inhibitor of poly ADP ribose polymerase (PARP) to androgen receptor-expressing cancer cells , as well as PARP inhibitor to ER-expressing cancer cells.
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