Nuvation Bio Inc. (NYSE:NUVB) Short Interest Update

Nuvation Bio Inc. (NYSE:NUVB) was the target of a significant decline in short interest in October. As of October 15th, there was short interest totalling 9,970,000 shares, a decline of 53.5% from the September 30th total of 21,420,000 shares. Based on an average daily volume of 1,520,000 shares, the days-to-cover ratio is currently 6.6 days. Approximately 4.4% of the company’s stock are short sold.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other news, Director Robert Mashal bought 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was bought at an average price of $2.20 per share, with a total value of $220,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $220,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 36.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Nuvation Bio in the 1st quarter valued at $79,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Nuvation Bio during the first quarter worth about $105,000. Vanguard Group Inc. boosted its stake in shares of Nuvation Bio by 3.0% in the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock valued at $27,424,000 after purchasing an additional 219,533 shares during the period. Acadian Asset Management LLC boosted its stake in shares of Nuvation Bio by 81.9% in the first quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock valued at $4,273,000 after purchasing an additional 528,660 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Nuvation Bio by 551.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock valued at $4,932,000 after purchasing an additional 1,146,794 shares in the last quarter. 61.67% of the stock is currently owned by institutional investors and hedge funds.

Nuvation Bio Price Performance

NYSE NUVB traded down $0.09 during trading hours on Friday, hitting $2.21. 1,090,849 shares of the company’s stock traded hands, compared to its average volume of 1,420,043. The company has a market capitalization of $546.25 million, a PE ratio of -7.13 and a beta of 1.36. Nuvation Bio has a 52-week low of $0.95 and a 52-week high of $4.16. The firm’s 50-day moving average is $2.67 and its 200-day moving average is $2.93.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.09). The business had revenue of $1.44 million during the quarter. Equities research analysts predict that Nuvation Bio will post -0.41 earnings per share for the current fiscal year.

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.