Nuvation Bio (NYSE:NUVB) Stock Price Up 8% – Still a Buy?

Shares of Nuvation Bio Inc. (NYSE:NUVB) shot up 8% on Friday . The stock traded as high as $2.06 and last traded at $2.04. 2,762,939 shares changed hands during trading, an increase of 12% from the average session volume of 2,474,208 shares. The stock had previously closed at $1.89.

Analysts Set New Price Targets

NUVB has been the topic of a number of research analyst reports. HC Wainwright boosted their price target on shares of Nuvation Bio from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, January 23rd. Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research report on Monday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $8.20.

Nuvation Bio Stock Performance

The company’s 50-day simple moving average is $2.42 and its 200 day simple moving average is $2.59. The company has a market cap of $684.91 million, a PE ratio of -0.94 and a beta of 1.47.

Institutional Investors Weigh In On Nuvation Bio

Large investors have recently bought and sold shares of the stock. GSA Capital Partners LLP acquired a new position in shares of Nuvation Bio during the third quarter worth about $172,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Nuvation Bio by 9.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 396,736 shares of the company’s stock worth $909,000 after acquiring an additional 32,811 shares during the last quarter. Intech Investment Management LLC acquired a new position in Nuvation Bio during the 3rd quarter worth approximately $132,000. Charles Schwab Investment Management Inc. increased its position in shares of Nuvation Bio by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company’s stock valued at $3,192,000 after purchasing an additional 60,590 shares during the last quarter. Finally, Meridian Wealth Management LLC raised its holdings in shares of Nuvation Bio by 47.0% in the 3rd quarter. Meridian Wealth Management LLC now owns 82,840 shares of the company’s stock valued at $190,000 after purchasing an additional 26,495 shares in the last quarter. Hedge funds and other institutional investors 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.