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

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s share price gapped up before the market opened 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 trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NUVB shares. HC Wainwright lowered their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Citigroup started coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They issued an "outperform" rating for the company. JMP Securities reaffirmed a "market outperform" rating and set a $6.00 price target on shares of Nuvation Bio in a research report on Monday, June 2nd. Royal Bank Of Canada raised Nuvation Bio from an "outperform" rating to a "moderate buy" rating and cut their price objective for the company from $10.00 to $6.00 in a report on Tuesday. Finally, Wedbush restated an "outperform" rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Wednesday, June 11th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $7.17.

Nuvation Bio Trading Up 5.9%

The firm has a market cap of $644.79 million, a price-to-earnings ratio of -0.81 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 $2.27.

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 Activity at Nuvation Bio

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

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NUVB. FMR LLC boosted its holdings in Nuvation Bio by 54.9% in the 4th quarter. FMR LLC now owns 45,285,572 shares of the company's stock worth $120,460,000 after buying an additional 16,046,701 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Nuvation Bio by 45.4% during the fourth quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company's stock worth $41,849,000 after purchasing an additional 4,913,820 shares in the last quarter. MPM Bioimpact LLC purchased a new position in Nuvation Bio in the 4th quarter valued at $11,077,000. Millennium Management LLC boosted its stake in Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock worth $6,642,000 after purchasing an additional 1,298,131 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Nuvation Bio by 22.9% during the fourth quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company's stock worth $13,174,000 after buying an additional 922,503 shares in the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

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.

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