Nuvation Bio (NYSE:NUVB) Shares Gap Up - What's Next?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $2.68, but opened at $2.82. Nuvation Bio shares last traded at $2.60, with a volume of 468,349 shares traded.

Analyst Ratings Changes

Several research firms have recently commented on NUVB. Royal Bank of Canada raised their price target on Nuvation Bio from $5.00 to $6.00 and gave the company an "outperform" rating in a report on Thursday, November 7th. HC Wainwright reduced their target price on Nuvation Bio from $8.00 to $7.00 and set a "buy" rating for the company in a report on Monday, September 16th. Finally, Wedbush restated an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Monday. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Nuvation Bio has a consensus rating of "Buy" and an average price target of $6.60.

Nuvation Bio Price Performance

The company has a market capitalization of $898.63 million, a PE ratio of -1.23 and a beta of 1.46. The stock has a 50-day simple moving average of $2.62 and a 200 day simple moving average of $2.84.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released 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 for the quarter. As a group, research analysts predict that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Nuvation Bio

In related news, Director Robert Mashal acquired 100,000 shares of the company's stock in a transaction that occurred 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 transaction, the director now owns 100,000 shares in the company, valued at $220,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.07% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in shares of Nuvation Bio by 83.3% during the third quarter. Wellington Management Group LLP now owns 623,973 shares of the company's stock worth $1,429,000 after purchasing an additional 283,642 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 buying an additional 820,669 shares during the period. Point72 Asset Management L.P. purchased a new stake in Nuvation Bio in the 3rd quarter valued at about $634,000. Frazier Life Sciences Management L.P. purchased a new stake in Nuvation Bio in the 3rd quarter valued at about $2,790,000. Finally, FMR LLC increased its stake in shares of Nuvation Bio by 1.4% during the 3rd quarter. FMR LLC now owns 29,238,871 shares of the company's stock valued at $66,957,000 after acquiring an additional 416,932 shares during the last quarter. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.