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

Nuvation Bio Inc. (NYSE:NUVB)’s stock price gapped up prior to trading on Wednesday after Royal Bank of Canada raised their price target on the stock from $4.00 to $5.00. The stock had previously closed at $2.81, but opened at $2.93. Royal Bank of Canada currently has an outperform rating on the stock. Nuvation Bio shares last traded at $2.75, with a volume of 1,027,027 shares trading hands.

A number of other equities research analysts have also recently commented on the stock. HC Wainwright upped their target price on shares of Nuvation Bio from $5.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Friday, March 1st. BTIG Research upgraded shares of Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a research note on Tuesday, March 26th. Finally, Jefferies Financial Group upgraded shares of Nuvation Bio from a “hold” rating to a “buy” rating and boosted their price target for the stock from $1.40 to $10.00 in a research note on Wednesday, March 27th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio currently has a consensus rating of “Buy” and a consensus target price of $6.60.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Centiva Capital LP acquired a new position in Nuvation Bio during the fourth quarter worth about $26,000. Quantbot Technologies LP grew its position in Nuvation Bio by 147.7% during the first quarter. Quantbot Technologies LP now owns 13,383 shares of the company’s stock worth $70,000 after buying an additional 7,981 shares during the period. Royal Bank of Canada grew its position in Nuvation Bio by 133.4% during the second quarter. Royal Bank of Canada now owns 15,199 shares of the company’s stock worth $27,000 after buying an additional 8,687 shares during the period. Virtu Financial LLC acquired a new position in Nuvation Bio during the fourth quarter worth about $31,000. Finally, Raymond James & Associates grew its position in Nuvation Bio by 28.9% during the first quarter. Raymond James & Associates now owns 16,060 shares of the company’s stock worth $84,000 after buying an additional 3,600 shares during the period. 61.67% of the stock is currently owned by institutional investors and hedge funds.

Nuvation Bio Price Performance

The firm’s 50-day simple moving average is $2.46 and its two-hundred day simple moving average is $1.76. The company has a market capitalization of $584.36 million, a price-to-earnings ratio of -7.88 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. On average, analysts expect that Nuvation Bio Inc. will post -0.35 EPS for the current fiscal year.

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.