Nuvation Bio (NYSE:NUVB) Trading Up 3.3%

Nuvation Bio Inc. (NYSE:NUVB)’s share price traded up 3.3% on Thursday . The company traded as high as $3.09 and last traded at $3.09. 58,847 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,264,691 shares. The stock had previously closed at $2.99.

Analysts Set New Price Targets

NUVB has been the subject of several analyst reports. Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and upped their price objective for the stock from $1.40 to $10.00 in a research report on Wednesday, March 27th. BTIG Research raised Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Tuesday, March 26th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Friday, May 24th. HC Wainwright reaffirmed a “buy” rating and issued a $8.00 target price on shares of Nuvation Bio in a report on Monday, June 3rd. Finally, Royal Bank of Canada boosted their target price on Nuvation Bio from $4.00 to $5.00 and gave the company an “outperform” rating in a report on Wednesday, April 17th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio has an average rating of “Buy” and a consensus price target of $6.60.

Nuvation Bio Price Performance

The stock’s 50-day moving average is $3.01 and its 200 day moving average is $2.37. The stock has a market cap of $763.76 million, a price-to-earnings ratio of -10.19 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.01. Analysts anticipate that Nuvation Bio Inc. will post -0.31 EPS for the current year.

Insiders Place Their Bets

In related news, Director Kim D. Blickenstaff purchased 172,189 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was acquired at an average price of $2.90 per share, for a total transaction of $499,348.10. Following the acquisition, the director now directly owns 172,189 shares of the company’s stock, valued at approximately $499,348.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Kim D. Blickenstaff bought 172,189 shares of the firm’s stock in a transaction on Tuesday, June 11th. The shares were bought at an average cost of $2.90 per share, for a total transaction of $499,348.10. Following the completion of the transaction, the director now owns 172,189 shares in the company, valued at $499,348.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Xiangmin Cui bought 87,715 shares of the stock in a transaction on Thursday, June 20th. The stock was purchased at an average cost of $2.99 per share, for a total transaction of $262,267.85. Following the acquisition, the director now directly owns 1,762,951 shares of the company’s stock, valued at approximately $5,271,223.49. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 596,778 shares of company stock worth $1,765,500. Corporate insiders own 36.09% of the company’s stock.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Nuvation Bio by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after purchasing an additional 219,533 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Nuvation Bio by 551.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock valued at $4,932,000 after buying an additional 1,146,794 shares during the last quarter. Acadian Asset Management LLC increased its position in Nuvation Bio by 81.9% during the first 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 in the last quarter. Octagon Capital Advisors LP acquired a new position in shares of Nuvation Bio in the fourth quarter worth $1,510,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Nuvation Bio by 254.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 748,793 shares of the company’s stock valued at $2,726,000 after acquiring an additional 537,314 shares in the last quarter. 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.