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

Nuvation Bio Inc. (NYSE:NUVB) gapped up prior to trading on Tuesday . The stock had previously closed at $2.17, but opened at $2.31. Nuvation Bio shares last traded at $2.19, with a volume of 576,713 shares.

Wall Street Analysts Forecast Growth

NUVB has been the subject of a number of recent analyst reports. HC Wainwright reduced their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada restated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Tuesday, August 6th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a report on Wednesday, September 11th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio has a consensus rating of “Buy” and an average price target of $6.40.

Nuvation Bio Price Performance

The company has a market cap of $546.25 million, a PE ratio of -6.98 and a beta of 1.36. The company has a fifty day moving average price of $2.88 and a 200 day moving average price of $3.02.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The firm had revenue of $1.44 million during the quarter. As a group, sell-side analysts predict that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of Nuvation Bio

Several hedge funds and other institutional investors have recently bought and sold shares of NUVB. B. Riley Wealth Advisors Inc. purchased a new stake in Nuvation Bio in the second quarter worth approximately $29,000. EverSource Wealth Advisors LLC boosted its stake in Nuvation Bio by 913.2% in the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock worth $32,000 after buying an additional 10,000 shares in the last quarter. Xponance Inc. purchased a new stake in Nuvation Bio in the second quarter worth approximately $33,000. Caxton Associates LP purchased a new stake in Nuvation Bio in the second quarter worth approximately $43,000. Finally, Choreo LLC purchased a new stake in Nuvation Bio in the second quarter worth approximately $47,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

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.