Nuvation Bio (NYSE:NUVB) Shares Gap Up - Here's Why

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $1.79, but opened at $1.92. Nuvation Bio shares last traded at $1.93, with a volume of 3,603,515 shares changing hands.

Wall Street Analysts Forecast Growth

NUVB has been the subject of a number of research analyst reports. Royal Bank Of Canada raised shares of Nuvation Bio from an "outperform" rating to a "moderate buy" rating and decreased their price target for the stock from $10.00 to $6.00 in a report on Tuesday, June 17th. Wall Street Zen cut Nuvation Bio from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. Citizens Jmp initiated coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $6.00 price objective on the stock. HC Wainwright reduced their price objective on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Finally, Jones Trading assumed coverage on Nuvation Bio in a research report on Wednesday, March 12th. They issued a "buy" rating and a $10.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $7.17.

Nuvation Bio Trading Up 2.3%

The firm has a market cap of $685.62 million, a price-to-earnings ratio of -0.86 and a beta of 1.37. The company has a fifty day moving average price of $2.15 and a 200-day moving average price of $2.26.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.16). The company had revenue of $3.08 million during the quarter, compared to the consensus estimate of $0.42 million. Nuvation Bio had a negative return on equity of 44.14% and a negative net margin of 5,534.21%. As a group, research analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO David Hung bought 200,000 shares of Nuvation Bio stock in a transaction on Friday, April 4th. The stock was acquired at an average price of $1.66 per share, with a total value of $332,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 58,481,054 shares of the company's stock, valued at $97,078,549.64. The trade was a 0.34% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Dongfang Liu sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $2.50, for a total value of $50,000.00. Following the completion of the transaction, the insider now owns 12,000 shares in the company, valued at approximately $30,000. This trade represents a 62.50% decrease in their position. The disclosure for this sale can be found here. 29.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Exome Asset Management LLC acquired a new position in shares of Nuvation Bio during the 1st quarter worth approximately $170,000. Millennium Management LLC lifted its position in Nuvation Bio by 52.4% during the first quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock worth $6,642,000 after buying an additional 1,298,131 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Nuvation Bio by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company's stock worth $191,000 after buying an additional 4,608 shares during the last quarter. AWM Investment Company Inc. purchased a new stake in Nuvation Bio in the 1st quarter valued at $1,144,000. Finally, MPM Bioimpact LLC increased its stake in shares of Nuvation Bio by 11.7% in the 1st quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company's stock worth $8,188,000 after acquiring an additional 488,065 shares during the last quarter. 61.67% of the stock is owned by institutional investors and hedge funds.

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.