Nuvation Bio (NYSE:NUVB) Stock Price Up 10.4% After Insider Buying Activity

Nuvation Bio Inc. (NYSE:NUVB)’s share price rose 10.4% on Friday after an insider bought additional shares in the company. The stock traded as high as $2.22 and last traded at $2.22. Approximately 173,424 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 1,417,085 shares. The stock had previously closed at $2.01.

Specifically, Director Robert Mashal purchased 100,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was bought at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at $220,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Tuesday, August 6th. HC Wainwright lowered their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, September 16th. Finally, Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Wednesday, September 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $6.40.

Nuvation Bio Trading Up 12.9 %

The firm has a market capitalization of $565.77 million, a P/E ratio of -1.08 and a beta of 1.36. The company’s fifty day simple moving average is $2.77 and its 200 day simple moving average is $3.01.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The business had revenue of $1.44 million for the quarter. On average, analysts predict that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NUVB. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Nuvation Bio in the 1st quarter worth about $79,000. Pinnacle Wealth Planning Services Inc. purchased a new stake in shares of Nuvation Bio in the 1st quarter worth about $105,000. Vanguard Group Inc. grew its position in shares of Nuvation Bio by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after buying an additional 219,533 shares during the period. Acadian Asset Management LLC grew its position in shares of Nuvation Bio by 81.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after buying an additional 528,660 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Nuvation Bio by 551.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock worth $4,932,000 after buying an additional 1,146,794 shares during the period. 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.