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

Shares of Nuvation Bio Inc. (NYSE:NUVB) 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 trading hands.

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

Hedge Funds Weigh In On Nuvation Bio

A number of large investors have recently bought and sold shares of NUVB. Clarius Group LLC acquired a new position in Nuvation Bio in the 3rd quarter worth about $26,000. Centiva Capital LP purchased a new stake in Nuvation Bio during the 4th quarter worth approximately $26,000. Royal Bank of Canada increased its stake in Nuvation Bio by 133.4% during the 2nd quarter. Royal Bank of Canada now owns 15,199 shares of the company’s stock worth $27,000 after buying an additional 8,687 shares in the last quarter. Virtu Financial LLC purchased a new stake in Nuvation Bio during the 4th quarter worth approximately $31,000. Finally, Beacon Pointe Advisors LLC purchased a new stake in Nuvation Bio during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

Nuvation Bio Stock Performance

The company has a 50 day simple moving average of $2.47 and a 200 day simple moving average of $1.76. The company has a market capitalization of $560.39 million, a PE ratio of -7.56 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. As a group, equities research analysts anticipate that Nuvation Bio Inc. will post -0.35 EPS for the current year.

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.