Nuvation Bio Sees Unusually High Options Volume (NYSE:NUVB)

Nuvation Bio Inc. (NYSE:NUVB) saw some unusual options trading on Thursday. Stock investors acquired 7,110 put options on the company. This represents an increase of approximately 7,800% compared to the typical daily volume of 90 put options.

Wall Street Analysts Forecast Growth

NUVB has been the subject of a number of research analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. HC Wainwright decreased their target price 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. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Monday, March 3rd. Finally, Jones Trading began coverage on Nuvation Bio in a research report on Wednesday, March 12th. They set a “buy” rating and a $10.00 price objective for the company. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Nuvation Bio presently has an average rating of “Buy” and an average price target of $8.33.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. State Street Corp increased its stake in shares of Nuvation Bio by 4.8% during the 3rd quarter. State Street Corp now owns 4,166,441 shares of the company’s stock worth $9,541,000 after purchasing an additional 191,031 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Nuvation Bio by 83.3% during the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after purchasing an additional 283,642 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Nuvation Bio by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock worth $9,227,000 after purchasing an additional 196,247 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Nuvation Bio by 479.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock worth $1,014,000 after purchasing an additional 366,429 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Nuvation Bio during the 3rd quarter worth $634,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

Nuvation Bio Stock Down 1.3 %

NUVB stock opened at $1.96 on Friday. The firm has a 50 day moving average of $2.27 and a two-hundred day moving average of $2.53. Nuvation Bio has a 12 month low of $1.67 and a 12 month high of $4.16. The company has a market capitalization of $662.12 million, a price-to-earnings ratio of -0.90 and a beta of 1.47.

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.