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

Shares of Nuvation Bio Inc. (NYSE:NUVB) 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.

Several other brokerages have also issued reports on NUVB. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Thursday. HC Wainwright decreased their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, September 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $6.60.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal bought 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 directly owns 100,000 shares of the company’s stock, valued at $220,000. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nuvation Bio

A number of institutional investors and hedge funds have recently modified their holdings of NUVB. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Nuvation Bio by 9.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 396,736 shares of the company’s stock worth $909,000 after buying an additional 32,811 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Nuvation Bio in the 3rd quarter valued at about $172,000. SG Americas Securities LLC grew its holdings in shares of Nuvation Bio by 125.8% during the third quarter. SG Americas Securities LLC now owns 72,057 shares of the company’s stock worth $165,000 after purchasing an additional 40,141 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Nuvation Bio in the second quarter worth approximately $29,000. Finally, Algert Global LLC raised its stake in Nuvation Bio by 281.0% in the second quarter. Algert Global LLC now owns 426,603 shares of the company’s stock valued at $1,246,000 after purchasing an additional 314,635 shares in the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

Nuvation Bio Stock Performance

The firm’s 50-day simple moving average is $2.56 and its 200-day simple moving average is $2.90.

Nuvation Bio (NYSE:NUVB) 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 business had revenue of $0.73 million during the quarter. On average, equities research analysts anticipate that Nuvation Bio Inc. will post -0.29 EPS for the current 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.