Nuvation Bio (NYSE:NUVB) Shares Gap Up - Time to Buy?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $1.97, but opened at $2.10. Nuvation Bio shares last traded at $2.04, with a volume of 1,927,043 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Royal Bank of Canada reissued an "outperform" rating and set a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Wedbush reiterated an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a report on Monday. Finally, HC Wainwright raised their target price on shares of Nuvation Bio from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Thursday, January 23rd. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $8.20.

Nuvation Bio Stock Performance

The business has a 50 day moving average of $2.44 and a two-hundred day moving average of $2.60. The stock has a market capitalization of $634.43 million, a PE ratio of -0.87 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings results on Thursday, March 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01). On average, equities analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

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Institutional Investors Weigh In On Nuvation Bio

Several institutional investors have recently bought and sold shares of NUVB. FMR LLC lifted its holdings in shares of Nuvation Bio by 54.9% during the 4th quarter. FMR LLC now owns 45,285,572 shares of the company's stock valued at $120,460,000 after purchasing an additional 16,046,701 shares during the last quarter. Vanguard Group Inc. increased its position in Nuvation Bio by 45.4% during the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company's stock valued at $41,849,000 after buying an additional 4,913,820 shares in the last quarter. Geode Capital Management LLC raised its stake in Nuvation Bio by 22.9% in the fourth quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company's stock valued at $13,174,000 after buying an additional 922,503 shares during the last quarter. State Street Corp boosted its holdings in Nuvation Bio by 4.8% in the third quarter. State Street Corp now owns 4,166,441 shares of the company's stock worth $9,541,000 after acquiring an additional 191,031 shares in the last quarter. Finally, MPM Bioimpact LLC purchased a new stake in shares of Nuvation Bio during the fourth quarter worth about $11,077,000. 61.67% of the stock is currently 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.