Nuvation Bio Inc. (NYSE:NUVB – Get Free Report)’s share price shot up 10.4% during mid-day trading on Friday after an insider bought additional shares in the company. The stock traded as high as $2.22 and last traded at $2.22. 173,424 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,417,085 shares. The stock had previously closed at $2.01.
Specifically, Director Robert Mashal purchased 100,000 shares of Nuvation Bio stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the transaction, the director now directly owns 100,000 shares in the company, valued at $220,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Wall Street Analysts Forecast Growth
NUVB has been the subject of a number of analyst reports. HC Wainwright dropped their price objective on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Tuesday, August 6th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research report on Wednesday, September 11th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Nuvation Bio currently has a consensus rating of “Buy” and a consensus price target of $6.40.
Nuvation Bio Trading Up 12.9 %
The firm has a market cap of $565.77 million, a PE ratio of -1.08 and a beta of 1.36. The firm has a fifty day simple moving average of $2.77 and a two-hundred day simple moving average of $3.01.
Nuvation Bio (NYSE:NUVB – Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.09). The company had revenue of $1.44 million during the quarter. Equities analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Nuvation Bio
Several institutional investors and hedge funds have recently modified their holdings of NUVB. Vanguard Group Inc. raised its holdings in Nuvation Bio by 3.0% in the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after buying an additional 219,533 shares during the last quarter. Acadian Asset Management LLC grew 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 valued at $4,273,000 after buying an additional 528,660 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Nuvation Bio by 551.8% during 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. Panagora Asset Management Inc. increased its holdings in Nuvation Bio by 198.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock worth $1,850,000 after acquiring an additional 421,563 shares in the last quarter. Finally, Algert Global LLC lifted its stake in shares of Nuvation Bio by 281.0% during the 2nd quarter. Algert Global LLC now owns 426,603 shares of the company’s stock valued at $1,246,000 after buying an additional 314,635 shares in the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.
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.
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