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

Nuvation Bio Inc. (NYSE:NUVB)’s share price 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 topic of several research reports. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research report on Monday. Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 target price (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Nuvation Bio in a research report on Monday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio presently has an average rating of “Buy” and an average target price of $7.40.

Nuvation Bio Stock Down 7.7 %

The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -1.38 and a beta of 1.47. The firm has a 50 day moving average price of $2.74 and a two-hundred day moving average price of $2.82.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $0.73 million during the quarter. Analysts predict that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Frazier Life Sciences Management L.P. bought a new stake in Nuvation Bio in the third quarter valued at about $2,790,000. Dimensional Fund Advisors LP grew its position in shares of Nuvation Bio by 415.2% in the 2nd 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 in the last quarter. Wexford Capital LP increased its holdings in shares of Nuvation Bio by 930.2% in the 3rd quarter. Wexford Capital LP now owns 651,767 shares of the company’s stock valued at $1,493,000 after acquiring an additional 588,500 shares during the last quarter. FMR LLC increased its holdings in shares of Nuvation Bio by 1.4% in 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. Finally, JPMorgan Chase & Co. raised its position in shares of Nuvation Bio by 479.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock valued at $1,014,000 after acquiring an additional 366,429 shares in the last quarter. 61.67% of the stock is currently owned by 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.