Nuvation Bio's FY2024 EPS Estimate Raised by HC Wainwright

Nuvation Bio Inc. (NYSE:NUVB - Free Report) has received an update from equities research analysts at HC Wainwright regarding its expected earnings per share (EPS) for the fiscal year 2024. In a report dated Monday, January 6th, HC Wainwright analyst R. Burns revised the EPS estimate from a previous forecast of ($0.50) to a more optimistic ($0.37) per share. This change indicates a more favorable outlook for the biopharmaceutical company.

HC Wainwright maintains a "Buy" rating for Nuvation Bio's stock, along with a price target of $7.00. For context, the consensus estimate among analysts for Nuvation Bio's earnings for the current year stands at ($0.40) per share. Additionally, HC Wainwright has provided earnings projections for various future quarters, estimating Q4 2024 earnings at ($0.14) per share, Q1 2025 at ($0.15) EPS, Q3 2025 at ($0.14) EPS, Q4 2025 at ($0.12) EPS, and overall FY2025 at ($0.56) EPS.

The last quarterly earnings report from Nuvation Bio was announced on Wednesday, November 6th, where the company reported an EPS of ($0.15) for the quarter. This figure fell short of the consensus estimate of ($0.13), missing by $0.02. The company generated a revenue of $0.73 million during this quarter.

In addition to HC Wainwright's analysis, other financial institutions have shared their views on Nuvation Bio. Wedbush upheld an "outperform" rating and set a price target of $5.00, while Royal Bank of Canada also gave an "outperform" rating, raising its target price from $6.00 to $10.00. Currently, five research analysts have assigned a buy rating to the stock, leading to an overall consensus rating of "Buy" with an average target price of $7.40, according to MarketBeat.

Nuvation Bio's Current Market Performance

As of Thursday, NYSE:NUVB was trading down 7.7% at $3.00. The company currently has a market capitalization of $1.01 billion, with a P/E ratio of -1.38 and a beta of 1.47. Over the past year, Nuvation Bio's stock has reached a low of $1.43 and a high of $4.16. The stock's prices also reflect a fifty-day simple moving average of $2.74 and a 200-day simple moving average of $2.82.

Institutional Investment Moves

Recent modifications in the holdings of institutional investors and hedge funds highlight changes in ownership of Nuvation Bio's shares. Zacks Investment Management increased its stake in Nuvation Bio by 21.5% during the third quarter, owning now 36,125 shares worth approximately $83,000. Additionally, Principal Financial Group Inc. raised its investment in the company by 58.7% in the second quarter, acquiring a total of 25,950 shares valued at $76,000.

EverSource Wealth Advisors LLC also made significant increases to its holdings, growing its investment by 913.2% to own 11,095 shares worth $32,000, following the purchase of an additional 10,000 shares. Other firms, including B. Riley Wealth Advisors Inc. and Xponance Inc., also acquired new positions in the company during this period. Overall, institutional investors and hedge funds hold approximately 61.67% of Nuvation Bio's total stock.

About Nuvation Bio

Nuvation Bio Inc. is a clinical-stage biopharmaceutical company focusing on developing therapeutic candidates for oncology. The company’s leading product candidate is NUV-868, a selective oral small molecule BET inhibitor that targets proteins regulating tumor growth, including oncogenes such as c-myc. Other candidates include NUV-1156, aimed at treating advanced prostate cancer, and the company’s DDC platform that seeks to innovate within the field of anti-cancer therapies.

Nuvation, Earnings, Stocks