Nuvation Bio (NYSE:NUVB) Shares Gap Up to $2.68

Nuvation Bio Inc. (NYSE:NUVB)’s share price gapped up prior to trading on Monday . The stock had previously closed at $2.68, but opened at $2.84. Nuvation Bio shares last traded at $2.79, with a volume of 113,975 shares.

Analysts Set New Price Targets

Several research analysts recently commented on NUVB shares. Royal Bank of Canada raised their price target on shares of Nuvation Bio from $4.00 to $5.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Jefferies Financial Group raised shares of Nuvation Bio from a “hold” rating to a “buy” rating and boosted their target price for the stock from $1.40 to $10.00 in a research report on Wednesday, March 27th. HC Wainwright boosted their target price on shares of Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Friday, March 1st. Finally, BTIG Research upgraded shares of Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Tuesday, March 26th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Price Performance

The company’s 50 day moving average price is $2.58 and its 200 day moving average price is $1.83. The firm has a market cap of $632.35 million, a PE ratio of -8.47 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB) last announced its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Sell-side analysts expect that Nuvation Bio Inc. will post -0.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvation Bio

Institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. increased its stake in shares of Nuvation Bio by 219.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 738,831 shares of the company’s stock valued at $1,116,000 after acquiring an additional 507,452 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Nuvation Bio by 56.1% in the 3rd quarter. Hsbc Holdings PLC now owns 174,827 shares of the company’s stock valued at $238,000 after purchasing an additional 62,844 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Nuvation Bio by 921.4% in the 3rd quarter. SG Americas Securities LLC now owns 110,226 shares of the company’s stock valued at $148,000 after purchasing an additional 99,434 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Nuvation Bio by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 107,843 shares of the company’s stock valued at $163,000 after acquiring an additional 27,346 shares in the last quarter. Finally, Clarius Group LLC acquired a new stake in shares of Nuvation Bio during the 3rd quarter valued at approximately $26,000. 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.