Nuvation Bio (NYSE:NUVB) Shares Gap Up - What's Next?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $2.05, but opened at $2.14. Nuvation Bio shares last traded at $2.23, with a volume of 2,024,606 shares.

Analyst Ratings Changes

Several research analysts have recently commented on NUVB shares. 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 for the company. Citigroup initiated coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They set an "outperform" rating on the stock. Wedbush reaffirmed an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Wednesday, June 11th. Royal Bank Of Canada raised Nuvation Bio from an "outperform" rating to a "moderate buy" rating and cut their target price for the company from $10.00 to $6.00 in a research note on Tuesday, June 17th. Finally, JMP Securities restated a "market outperform" rating and issued a $6.00 price objective on shares of Nuvation Bio in a report on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Nuvation Bio presently has a consensus rating of "Moderate Buy" and an average price target of $7.17.

Nuvation Bio Stock Up 13.8%

The stock has a market capitalization of $793.83 million, a price-to-earnings ratio of -1.00 and a beta of 1.33. The firm has a 50-day moving average of $2.14 and a two-hundred day moving average of $2.20.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, meeting the consensus estimate of ($0.16). The firm had revenue of $3.08 million for the quarter, compared to analyst estimates 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, sell-side analysts predict that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Insiders Place Their Bets

In other news, insider Dongfang Liu sold 20,000 shares of the firm's stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the sale, the insider directly owned 12,000 shares of the company's stock, valued at $30,000. This trade represents a 62.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 29.93% of the company's stock.

Institutional Investors Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of Nuvation Bio in the 4th quarter valued at approximately $27,000. Forum Financial Management LP bought a new position in shares of Nuvation Bio in the 4th quarter valued at approximately $29,000. Cerity Partners LLC bought a new position in shares of Nuvation Bio in the 4th quarter valued at approximately $31,000. Russell Investments Group Ltd. raised its stake in shares of Nuvation Bio by 15,183.7% in the 4th quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company's stock valued at $42,000 after acquiring an additional 15,791 shares in the last quarter. Finally, Cibc World Markets Corp bought a new position in shares of Nuvation Bio in the 4th quarter valued at approximately $45,000. 61.67% of the stock is owned by hedge funds and other institutional investors.

About Nuvation Bio

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.