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

Nuvation Bio Inc. (NYSE:NUVB) gapped up before the market opened 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 traded.

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

Insiders Place Their Bets

In related news, Director Robert Mashal bought 100,000 shares of Nuvation Bio stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $220,000. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NUVB. Susquehanna Fundamental Investments LLC bought a new position in Nuvation Bio during the first quarter worth $79,000. Pinnacle Wealth Planning Services Inc. bought a new stake in Nuvation Bio in the 1st quarter valued at about $105,000. Vanguard Group Inc. raised its stake in Nuvation Bio by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after buying an additional 219,533 shares during the period. Acadian Asset Management LLC raised its stake in Nuvation Bio by 81.9% during the 1st quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after buying an additional 528,660 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Nuvation Bio by 551.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock worth $4,932,000 after purchasing an additional 1,146,794 shares during the period. 61.67% of the stock is owned by institutional investors.

Nuvation Bio Price Performance

The firm’s 50-day moving average is $2.56 and its 200-day moving average is $2.90.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data 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 during the quarter. Equities analysts forecast that Nuvation Bio Inc. will post -0.29 earnings per share for the current 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.