Nuvation Bio (NYSE:NUVB) Trading Up 10% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) shot up 10% during mid-day trading on Friday . The stock traded as high as $2.86 and last traded at $2.85. 1,079,231 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 1,589,898 shares. The stock had previously closed at $2.59.

Analysts Set New Price Targets

NUVB has been the subject of a number of recent analyst reports. HC Wainwright lowered their price target 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. Royal Bank of Canada raised their price target on Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research report on Monday, December 23rd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $6.60.

Nuvation Bio Trading Up 11.6 %

The company has a market cap of $972.68 million, a PE ratio of -1.33 and a beta of 1.46. The stock has a 50 day moving average price of $2.70 and a 200 day moving average price of $2.82.

Nuvation Bio (NYSE:NUVB) last announced its earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. Equities analysts expect that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Insider Transactions at Nuvation Bio

In other news, Director Robert Mashal acquired 100,000 shares of Nuvation Bio stock in a transaction that occurred on 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 completion of the transaction, the director now owns 100,000 shares in the company, valued at $220,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Nuvation Bio

A number of large investors have recently made changes to their positions in NUVB. JPMorgan Chase & Co. boosted its holdings in shares of Nuvation Bio by 479.1% in the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock worth $1,014,000 after buying an additional 366,429 shares during the last quarter. Geode Capital Management LLC raised its position in Nuvation Bio by 5.1% in the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock worth $9,227,000 after acquiring an additional 196,247 shares during the period. Frazier Life Sciences Management L.P. purchased a new position in shares of Nuvation Bio during the 3rd quarter worth $2,790,000. XTX Topco Ltd bought a new stake in shares of Nuvation Bio during the 3rd quarter valued at $302,000. Finally, Zacks Investment Management increased its stake in shares of Nuvation Bio by 21.5% in the 3rd quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock worth $83,000 after purchasing an additional 6,394 shares in the last quarter. 61.67% of the stock is currently owned by 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.