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

Nuvation Bio Inc. (NYSE:NUVB)’s share price 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.

Other research analysts have also issued reports about the company. HC Wainwright upped their target price on Nuvation Bio from $5.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research report on Friday, March 1st. Jefferies Financial Group upgraded Nuvation Bio from a “hold” rating to a “buy” rating and upped their price target for the company from $1.40 to $10.00 in a research report on Wednesday, March 27th. Finally, BTIG Research upgraded Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 target price on the stock in a report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $6.60.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds have recently added to or reduced their stakes in the company. Clarius Group LLC acquired a new position in Nuvation Bio in the third quarter valued at about $26,000. Centiva Capital LP acquired a new position in Nuvation Bio in the fourth quarter valued at about $26,000. Royal Bank of Canada lifted its stake in Nuvation Bio by 133.4% in the second quarter. Royal Bank of Canada now owns 15,199 shares of the company’s stock valued at $27,000 after buying an additional 8,687 shares during the period. Virtu Financial LLC acquired a new position in Nuvation Bio in the fourth quarter valued at about $31,000. Finally, Beacon Pointe Advisors LLC acquired a new position in Nuvation Bio in the fourth quarter valued at about $33,000. Institutional investors own 61.67% of the company’s stock.

Nuvation Bio Price Performance

The company has a market cap of $595.28 million, a price-to-earnings ratio of -8.03 and a beta of 1.37. The stock has a 50-day moving average price of $2.44 and a 200 day moving average price of $1.75.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) 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 EPS 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.