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

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 trading hands.

Wall Street Analysts Forecast Growth

NUVB has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of Nuvation Bio in a research report on Monday. Wedbush reiterated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Monday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $10.00 target price (up previously from $6.00) on shares of Nuvation Bio in a research report on Tuesday. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio has an average rating of “Buy” and an average target price of $7.40.

Nuvation Bio Stock Performance

The company has a 50 day moving average of $2.71 and a 200 day moving average of $2.82. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -1.48 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last posted 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 company had revenue of $0.73 million during the quarter. On average, equities analysts predict that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $29,000. EverSource Wealth Advisors LLC increased its position in shares of Nuvation Bio by 913.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock worth $32,000 after purchasing an additional 10,000 shares during the last quarter. Xponance Inc. acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $33,000. Caxton Associates LP acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $43,000. Finally, Choreo LLC acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $47,000. 61.67% of the stock is owned by institutional investors and hedge funds.

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.