Nuvation Bio (NYSE:NUVB) Shares Gap Up – Here’s Why

Nuvation Bio Inc. (NYSE:NUVB)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.90, but opened at $3.01. Nuvation Bio shares last traded at $2.98, with a volume of 145,201 shares.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NUVB. Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research report on Thursday, November 7th. HC Wainwright dropped their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Finally, Royal Bank of Canada raised their price objective on shares of Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $6.60.

Nuvation Bio Trading Down 1.3 %

The stock’s 50 day moving average price is $2.50 and its two-hundred day moving average price is $2.87. The firm has a market capitalization of $989.52 million, a price-to-earnings ratio of -1.37 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB) last announced 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. On average, sell-side analysts forecast that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at Nuvation Bio

In other news, Director Robert Mashal bought 100,000 shares of the stock in a transaction on Tuesday, October 8th. The stock was purchased at an average cost of $2.20 per share, with a total value of $220,000.00. Following the purchase, the director now owns 100,000 shares of the company’s stock, valued at approximately $220,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Nuvation Bio by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after acquiring an additional 219,533 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Nuvation Bio by 551.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock valued at $4,932,000 after buying an additional 1,146,794 shares during the period. Dimensional Fund Advisors LP raised its holdings in Nuvation Bio by 415.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after buying an additional 820,669 shares during the period. Panagora Asset Management Inc. lifted its position in Nuvation Bio by 198.7% during the second quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock valued at $1,850,000 after buying an additional 421,563 shares in the last quarter. Finally, Algert Global LLC grew its stake in Nuvation Bio by 281.0% during the second quarter. Algert Global LLC now owns 426,603 shares of the company’s stock worth $1,246,000 after buying an additional 314,635 shares during the period. 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.