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

Shares of Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) gapped up prior to trading 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 changing hands.

NUVB has been the subject of several other research reports. Wedbush restated an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Thursday. HC Wainwright dropped their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, September 16th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $6.60.

Insider Activity

In other Nuvation Bio news, Director Robert Mashal acquired 100,000 shares of the business's stock in a transaction on Tuesday, October 8th. The stock was purchased at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the transaction, the director now owns 100,000 shares of the company's stock, valued at $220,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.07% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NUVB. Price T Rowe Associates Inc. MD raised its stake in shares of Nuvation Bio by 551.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company's stock worth $4,932,000 after buying an additional 1,146,794 shares during the last quarter. Dimensional Fund Advisors LP raised its position in 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 last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Nuvation Bio by 254.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 748,793 shares of the company's stock valued at $2,726,000 after purchasing an additional 537,314 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Nuvation Bio by 81.9% in the first quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company's stock valued at $4,273,000 after purchasing an additional 528,660 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its stake in shares of Nuvation Bio by 198.7% during the 2nd quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company's stock worth $1,850,000 after purchasing an additional 421,563 shares in the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

Nuvation Bio Stock Performance

The company has a 50-day moving average of $2.56 and a 200-day moving average of $2.90.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The firm had revenue of $0.73 million during the quarter. Analysts predict that Nuvation Bio Inc. will post -0.29 earnings per share for the current fiscal 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.