Nuvation Bio (NYSE:NUVB) Shares Gap Up – What’s Next?

Nuvation Bio Inc. (NYSE:NUVB)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $2.84, but opened at $2.96. Nuvation Bio shares last traded at $3.33, with a volume of 1,012,331 shares traded.

Analysts Set New Price Targets

Several equities analysts recently weighed in on NUVB shares. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Nuvation Bio in a research note on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research report on Monday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $7.40.

Nuvation Bio Stock Down 7.7 %

The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -1.38 and a beta of 1.47. The business has a 50 day moving average of $2.74 and a 200 day moving average of $2.82.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. Research analysts predict that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On Nuvation Bio

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of New York Mellon Corp boosted its stake in Nuvation Bio by 33.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 626,905 shares of the company’s stock worth $1,831,000 after buying an additional 157,511 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Nuvation Bio by 58.7% in the second quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock worth $76,000 after acquiring an additional 9,603 shares during the last quarter. Rhumbline Advisers grew its holdings in Nuvation Bio by 25.7% in the second quarter. Rhumbline Advisers now owns 260,939 shares of the company’s stock valued at $762,000 after purchasing an additional 53,389 shares during the period. Arizona State Retirement System acquired a new position in Nuvation Bio during the second quarter worth approximately $110,000. Finally, Choreo LLC purchased a new position in Nuvation Bio during the second quarter worth approximately $47,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

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.