Nuvation Bio (NYSE:NUVB) Shares Gap Up – Time to Buy?

Nuvation Bio Inc. (NYSE:NUVB) 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 traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. HC Wainwright reduced their price objective on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Wedbush restated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research report on Thursday, November 7th. Finally, Royal Bank of Canada upped their price objective on shares of Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Nuvation Bio currently has an average rating of “Buy” and an average price target of $6.60.

Nuvation Bio Price Performance

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

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. As a group, research analysts forecast that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal purchased 100,000 shares of the stock in a transaction dated Tuesday, October 8th. The stock was bought at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the transaction, the director now directly owns 100,000 shares in the company, valued at $220,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 5.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Nuvation Bio

Several institutional investors and hedge funds have recently made changes to their positions in NUVB. Frazier Life Sciences Management L.P. acquired a new position in Nuvation Bio during the third quarter valued at approximately $2,790,000. Dimensional Fund Advisors LP raised its position in shares of Nuvation Bio by 415.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock worth $2,975,000 after purchasing an additional 820,669 shares during the period. Wexford Capital LP lifted its holdings in shares of Nuvation Bio by 930.2% during the 3rd quarter. Wexford Capital LP now owns 651,767 shares of the company’s stock valued at $1,493,000 after purchasing an additional 588,500 shares in the last quarter. Panagora Asset Management Inc. increased its stake in Nuvation Bio by 198.7% during the 2nd quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock worth $1,850,000 after purchasing an additional 421,563 shares in the last quarter. Finally, FMR LLC lifted its stake in Nuvation Bio by 1.4% in the third quarter. FMR LLC now owns 29,238,871 shares of the company’s stock valued at $66,957,000 after buying an additional 416,932 shares in the last quarter. Institutional investors own 61.67% of the company’s stock.

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.