Nuvation Bio (NYSE:NUVB) Shares Gap Up - Here's Why

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares 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.

Analyst Upgrades and Downgrades

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

Nuvation Bio Trading Up 13.4 %

The firm has a market capitalization of $1.08 billion, a PE ratio of -1.48 and a beta of 1.47. The stock's 50 day moving average price is $2.71 and its two-hundred day moving average price is $2.82.

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 expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Institutional Investors Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in 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 last quarter. Geode Capital Management LLC boosted its holdings in shares of Nuvation Bio by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company's stock worth $9,227,000 after purchasing an additional 196,247 shares during the last quarter. Frazier Life Sciences Management L.P. acquired a new stake in shares of Nuvation Bio during the third quarter worth $2,790,000. XTX Topco Ltd acquired a new position in Nuvation Bio in the third quarter valued at $302,000. Finally, Zacks Investment Management increased its stake in Nuvation Bio by 21.5% in the third quarter. Zacks Investment Management now owns 36,125 shares of the company's stock valued at $83,000 after purchasing an additional 6,394 shares during the last quarter. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.