Nuvation Bio (NYSE:NUVB) Shares Gap Up – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB)’s share 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 changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on NUVB shares. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Nuvation Bio in a report on Monday. Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Monday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday. 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 $7.40.

Nuvation Bio Price Performance

The firm has a 50 day moving average of $2.71 and a two-hundred day moving average of $2.82. The stock has a market cap of $1.08 billion, a PE ratio of -1.48 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $0.73 million during the quarter. As a group, equities analysts anticipate that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. purchased a new stake in Nuvation Bio during the 3rd quarter valued at approximately $2,790,000. Dimensional Fund Advisors LP increased its stake in shares of Nuvation Bio by 415.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock worth $2,975,000 after acquiring an additional 820,669 shares during the period. Wexford Capital LP increased its stake in shares of Nuvation Bio by 930.2% during the third quarter. Wexford Capital LP now owns 651,767 shares of the company’s stock worth $1,493,000 after acquiring an additional 588,500 shares during the period. FMR LLC increased its stake in shares of Nuvation Bio by 1.4% during the third quarter. FMR LLC now owns 29,238,871 shares of the company’s stock worth $66,957,000 after acquiring an additional 416,932 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Nuvation Bio by 479.1% during the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock worth $1,014,000 after acquiring an additional 366,429 shares during the period. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.