Nuvation Bio (NYSE:NUVB) Shares Gap Up – Still a Buy?

Nuvation Bio Inc. (NYSE:NUVB) shares gapped up prior to trading on Monday . The stock had previously closed at $2.68, but opened at $2.82. Nuvation Bio shares last traded at $2.60, with a volume of 468,349 shares trading hands.

Wall Street Analyst Weigh In

NUVB has been the subject of several recent analyst reports. Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, November 7th. Royal Bank of Canada lifted their target price on Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, HC Wainwright dropped their price target on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio has a consensus rating of “Buy” and an average target price of $6.60.

Nuvation Bio Trading Up 1.1 %

The firm has a 50-day simple moving average of $2.62 and a two-hundred day simple moving average of $2.84. The stock has a market cap of $912.10 million, a P/E ratio of -1.25 and a beta of 1.46.

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

Insiders Place Their Bets

In other Nuvation Bio news, Director Robert Mashal bought 100,000 shares of Nuvation Bio stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $2.20 per share, with a total value of $220,000.00. Following the acquisition, the director now owns 100,000 shares in the company, valued at $220,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.07% of the company’s stock.

Institutional Trading of Nuvation Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp boosted its holdings in shares of Nuvation Bio by 33.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 626,905 shares of the company’s stock valued at $1,831,000 after acquiring an additional 157,511 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in Nuvation Bio in the second quarter valued at approximately $126,000. Panagora Asset Management Inc. increased its position in Nuvation Bio by 198.7% during the 2nd quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock valued at $1,850,000 after purchasing an additional 421,563 shares during the period. Principal Financial Group Inc. raised its holdings in Nuvation Bio by 58.7% during the 2nd quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock worth $76,000 after purchasing an additional 9,603 shares during the last quarter. Finally, Rhumbline Advisers lifted its position in shares of Nuvation Bio by 25.7% in the 2nd quarter. Rhumbline Advisers now owns 260,939 shares of the company’s stock worth $762,000 after purchasing an additional 53,389 shares during the period. 61.67% of the stock is currently owned by institutional investors.

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.