Nuvation Bio (NYSE:NUVB) Trading 5% Higher

Nuvation Bio Inc. (NYSE:NUVB)’s share price was up 5% on Friday . The company traded as high as $2.71 and last traded at $2.71. Approximately 138,989 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,180,506 shares. The stock had previously closed at $2.58.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on NUVB shares. Royal Bank of Canada boosted their price target on shares of Nuvation Bio from $4.00 to $5.00 and gave the stock an “outperform” rating in a research report on Wednesday. HC Wainwright upped their target price on Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and increased their price target for the company from $1.40 to $10.00 in a research report on Wednesday, March 27th. Wedbush reaffirmed an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research report on Friday, March 1st. Finally, BTIG Research upgraded Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research note on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Stock Performance

The company has a market capitalization of $566.93 million, a P/E ratio of -7.65 and a beta of 1.37. The stock’s fifty day moving average price is $2.49 and its 200-day moving average price is $1.77.

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

Institutional Investors Weigh In On Nuvation Bio

Several hedge funds have recently added to or reduced their stakes in the business. Centiva Capital LP bought a new position in shares of Nuvation Bio in the fourth quarter valued at about $26,000. Quantbot Technologies LP raised its holdings in Nuvation Bio by 147.7% in the 1st quarter. Quantbot Technologies LP now owns 13,383 shares of the company’s stock valued at $70,000 after acquiring an additional 7,981 shares during the period. Royal Bank of Canada lifted 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 acquiring an additional 8,687 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Nuvation Bio during the fourth quarter worth approximately $31,000. Finally, Raymond James & Associates grew its position in shares of Nuvation Bio by 28.9% in the first quarter. Raymond James & Associates now owns 16,060 shares of the company’s stock valued at $84,000 after purchasing an additional 3,600 shares during the last quarter. Institutional investors and hedge funds 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.