Nuvation Bio (NYSE:NUVB) Stock Price Up 5%

Nuvation Bio Inc. (NYSE:NUVB)’s share price traded up 5% during mid-day trading on Friday . The company traded as high as $2.71 and last traded at $2.71. 138,989 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,180,506 shares. The stock had previously closed at $2.58.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and lifted their price target for the company from $1.40 to $10.00 in a report on Wednesday, March 27th. Royal Bank of Canada lifted their price objective on Nuvation Bio from $4.00 to $5.00 and gave the stock an “outperform” rating in a research report on Wednesday. HC Wainwright lifted their price objective on Nuvation Bio from $5.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th. BTIG Research upgraded Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price objective for the company in a research report on Tuesday, March 26th. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research report on Friday, March 1st. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $6.60.

Nuvation Bio Trading Up 2.7 %

The business has a 50 day moving average of $2.47 and a two-hundred day moving average of $1.76. The firm has a market cap of $577.83 million, a P/E ratio of -7.97 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. On average, sell-side analysts predict that Nuvation Bio Inc. will post -0.35 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NUVB. Baupost Group LLC MA grew its position in Nuvation Bio by 21.1% in the first quarter. Baupost Group LLC MA now owns 10,443,494 shares of the company’s stock valued at $54,933,000 after acquiring an additional 1,820,473 shares during the last quarter. Vanguard Group Inc. grew its position in Nuvation Bio by 14.8% in the first quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock valued at $68,025,000 after acquiring an additional 1,671,908 shares during the last quarter. Octagon Capital Advisors LP bought a new position in Nuvation Bio in the fourth quarter valued at about $1,510,000. Price T Rowe Associates Inc. MD grew its position in Nuvation Bio by 971.0% in the third quarter. Price T Rowe Associates Inc. MD now owns 911,533 shares of the company’s stock valued at $2,043,000 after acquiring an additional 826,426 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Nuvation Bio by 387.9% in the first quarter. Goldman Sachs Group Inc. now owns 716,445 shares of the company’s stock valued at $3,769,000 after acquiring an additional 569,597 shares during the last quarter. 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.