Nuvation Bio (NYSE:NUVB) Shares Gap Up on Analyst Upgrade

Nuvation Bio Inc. (NYSE:NUVB) shares gapped up before the market opened on Wednesday after Royal Bank of Canada raised their price target on the stock from $4.00 to $5.00. The stock had previously closed at $2.81, but opened at $2.93. Royal Bank of Canada currently has an outperform rating on the stock. Nuvation Bio shares last traded at $2.75, with a volume of 1,027,027 shares traded.

A number of other research firms also recently weighed in on NUVB. Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and lifted their target price for the stock from $1.40 to $10.00 in a report on Wednesday, March 27th. BTIG Research raised Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Tuesday, March 26th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Friday, March 1st. Finally, HC Wainwright boosted their price target on Nuvation Bio from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $6.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in Nuvation Bio by 6.4% during the first quarter. JPMorgan Chase & Co. now owns 715,400 shares of the company’s stock worth $3,762,000 after acquiring an additional 43,179 shares in the last quarter. Raymond James & Associates raised its stake in Nuvation Bio by 28.9% during the first quarter. Raymond James & Associates now owns 16,060 shares of the company’s stock worth $84,000 after acquiring an additional 3,600 shares in the last quarter. MetLife Investment Management LLC raised its stake in Nuvation Bio by 55.4% during the first quarter. MetLife Investment Management LLC now owns 89,675 shares of the company’s stock worth $472,000 after acquiring an additional 31,975 shares in the last quarter. Rhumbline Advisers raised its stake in Nuvation Bio by 8.1% during the first quarter. Rhumbline Advisers now owns 162,651 shares of the company’s stock worth $856,000 after acquiring an additional 12,174 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Nuvation Bio by 14.8% during the first quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock worth $68,025,000 after acquiring an additional 1,671,908 shares in the last quarter. Institutional investors and hedge funds own 61.67% of the company’s stock.

Nuvation Bio Stock Down 4.5 %

The stock has a market cap of $560.39 million, a price-to-earnings ratio of -7.56 and a beta of 1.37. The company has a 50 day simple moving average of $2.47 and a 200 day simple moving average of $1.76.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. As a group, analysts predict that Nuvation Bio Inc. will post -0.35 earnings per share for the current fiscal year.

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.