Nuvation Bio (NYSE:NUVB) Shares Gap Up to $2.88

Shares of Nuvation Bio Inc. (NYSE:NUVB) gapped up prior to trading on Wednesday . The stock had previously closed at $2.88, but opened at $3.27. Nuvation Bio shares last traded at $3.48, with a volume of 2,191,913 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. BTIG Research upgraded shares of Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Tuesday. HC Wainwright upped their target price on shares of Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group raised shares of Nuvation Bio from a “hold” rating to a “buy” rating and upped their target price for the stock from $1.40 to $10.00 in a research note on Wednesday. Finally, Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Friday, March 1st.

Nuvation Bio Price Performance

The stock’s 50-day simple moving average is $2.01 and its 200 day simple moving average is $1.57.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. As a group, equities research analysts anticipate that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

Institutional Investors Weigh In On Nuvation Bio

A number of large investors have recently modified their holdings of the company. Baupost Group LLC MA grew its position in shares of Nuvation Bio by 21.1% in the 1st quarter. Baupost Group LLC MA now owns 10,443,494 shares of the company’s stock valued at $54,933,000 after buying an additional 1,820,473 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Nuvation Bio by 14.8% in the 1st quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock valued at $68,025,000 after buying an additional 1,671,908 shares during the last quarter. Prosight Management LP purchased a new position in shares of Nuvation Bio in the 2nd quarter valued at $1,980,000. Octagon Capital Advisors LP purchased a new position in shares of Nuvation Bio in the 4th quarter valued at $1,510,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Nuvation Bio by 971.0% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 911,533 shares of the company’s stock valued at $2,043,000 after buying an additional 826,426 shares during the last quarter. 61.67% of the stock is owned by hedge funds and other 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.