Nuvation Bio (NYSE:NUVB) Shares Gap Up on Analyst Upgrade

Nuvation Bio Inc. (NYSE:NUVB)’s share price gapped up prior to trading on Friday after Royal Bank of Canada raised their price target on the stock from $5.00 to $6.00. The stock had previously closed at $2.62, but opened at $2.93. Royal Bank of Canada currently has an outperform rating on the stock. Nuvation Bio shares last traded at $2.88, with a volume of 392,220 shares.

Other analysts have also issued research reports about the stock. Wedbush restated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Thursday. HC Wainwright dropped their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $6.60.

Insider Activity at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal acquired 100,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares in the company, valued at $220,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.07% of the stock is owned by company insiders.

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP purchased a new stake in shares of Nuvation Bio in the 3rd quarter valued at about $172,000. SG Americas Securities LLC boosted its stake in Nuvation Bio by 125.8% in the third quarter. SG Americas Securities LLC now owns 72,057 shares of the company’s stock worth $165,000 after buying an additional 40,141 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Nuvation Bio during the second quarter worth about $29,000. Algert Global LLC raised its position in Nuvation Bio by 281.0% during the 2nd quarter. Algert Global LLC now owns 426,603 shares of the company’s stock valued at $1,246,000 after purchasing an additional 314,635 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC grew its position in shares of Nuvation Bio by 252.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 76,494 shares of the company’s stock worth $223,000 after buying an additional 54,762 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors.

Nuvation Bio Stock Up 9.9 %

The business has a fifty day moving average of $2.56 and a 200 day moving average of $2.90. The company has a market cap of $717.83 million, a P/E ratio of -1.36 and a beta of 1.35.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. On average, sell-side analysts anticipate that Nuvation Bio Inc. will post -0.29 EPS for the current fiscal year.

Nuvation Bio Company Profile

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.