Nuvation Bio (NYSE:NUVB) Trading Up 10% – Time to Buy?

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Monday, December 23rd. HC Wainwright cut their price target on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, September 16th. Finally, Royal Bank of Canada raised their price objective on shares of Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Price Performance

The stock’s 50 day simple moving average is $2.68 and its two-hundred day simple moving average is $2.82. The company has a market capitalization of $955.85 million, a P/E ratio of -1.31 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB) last released its earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $0.73 million during the quarter. As a group, equities research analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Activity

In other news, Director Robert Mashal acquired 100,000 shares of Nuvation Bio stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $2.20 per share, with a total value of $220,000.00. Following the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at $220,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nuvation Bio

A number of hedge funds have recently modified their holdings of the business. Zacks Investment Management boosted its position in shares of Nuvation Bio by 21.5% during the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock worth $83,000 after buying an additional 6,394 shares during the period. Principal Financial Group Inc. boosted its position in Nuvation Bio by 58.7% during the 2nd quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock worth $76,000 after acquiring an additional 9,603 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Nuvation Bio by 913.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock worth $32,000 after acquiring an additional 10,000 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Nuvation Bio in the second quarter valued at approximately $29,000. Finally, Xponance Inc. acquired a new position in Nuvation Bio during the second quarter worth $33,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.