Nuvation Bio (NYSE:NUVB) Shares Gap Up - Still a Buy?

Key Points

• Nuvation Bio's stock price increased from a previous close of $3.22 to $3.38, and last traded at $3.90 with substantial trading volume.
• Analysts have set new price targets for Nuvation Bio, with HC Wainwright issuing a $10 target, while the average price target among analysts is $7.86.
• As of now, Nuvation Bio has a consensus rating of "Buy" with 61.67% of the stock owned by institutional investors and hedge funds.

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $3.22, but opened at $3.38. Nuvation Bio shares last traded at $3.90, with a volume of 2,170,624 shares trading hands.

Analysts Set New Price Targets

NUVB has been the subject of a number of analyst reports. HC Wainwright restated a "buy" rating and issued a $10.00 price target on shares of Nuvation Bio in a research report on Friday, September 19th. Wedbush restated an "outperform" rating and issued a $6.00 target price on shares of Nuvation Bio in a report on Monday, September 8th. Wall Street Zen raised shares of Nuvation Bio from a "sell" rating to a "hold" rating in a research note on Sunday, August 17th. Royal Bank Of Canada raised their price target on Nuvation Bio from $6.00 to $7.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. Finally, JMP Securities reissued a "market outperform" rating and set a $6.00 price target on shares of Nuvation Bio in a research note on Wednesday, June 25th. One analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Nuvation Bio currently has a consensus rating of "Buy" and an average price target of $7.86.

Nuvation Bio Stock Performance

The business has a 50-day moving average price of $2.86 and a 200-day moving average price of $2.34. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -5.91 and a beta of 1.36. The company has a quick ratio of 9.38, a current ratio of 9.39 and a debt-to-equity ratio of 0.13.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.17). Nuvation Bio had a negative return on equity of 46.14% and a negative net margin of 1,413.43%.The company had revenue of $4.83 million for the quarter, compared to analyst estimates of $0.42 million. As a group, sell-side analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Nuvation Bio in the fourth quarter valued at about $27,000. BNP Paribas Financial Markets acquired a new stake in Nuvation Bio during the fourth quarter worth about $64,000. Exome Asset Management LLC acquired a new stake in Nuvation Bio during the first quarter worth about $170,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Nuvation Bio by 54.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 347,806 shares of the company's stock worth $925,000 after acquiring an additional 122,187 shares during the period. Finally, American Century Companies Inc. grew its holdings in Nuvation Bio by 18.3% during the first quarter. American Century Companies Inc. now owns 486,535 shares of the company's stock worth $856,000 after acquiring an additional 75,362 shares during the period. 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.

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