Nuvation Bio (NYSE:NUVB) Trading Up 8.3% – Here’s Why

Shares of Nuvation Bio Inc. (NYSE:NUVB) rose 8.3% during mid-day trading on Friday . The company traded as high as $1.91 and last traded at $1.90. Approximately 1,347,845 shares were traded during trading, a decline of 33% from the average daily volume of 2,016,058 shares. The stock had previously closed at $1.75.

Analyst Upgrades and Downgrades

NUVB has been the subject of a number of research reports. Wedbush reissued an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a report on Thursday, March 27th. Royal Bank of Canada reissued an “outperform” rating and issued a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Jones Trading began coverage on shares of Nuvation Bio in a research note on Wednesday, March 12th. They set a “buy” rating and a $10.00 price objective on the stock. Finally, HC Wainwright dropped their price target on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 10th.

Nuvation Bio Stock Up 14.6 %

The firm has a fifty day moving average of $2.02 and a 200-day moving average of $2.39. The firm has a market cap of $679.05 million, a P/E ratio of -0.92 and a beta of 1.47.

Insider Activity at Nuvation Bio

In other news, CEO David Hung acquired 200,000 shares of Nuvation Bio stock in a transaction that occurred on Friday, April 4th. The shares were acquired at an average price of $1.66 per share, with a total value of $332,000.00. Following the purchase, the chief executive officer now directly owns 58,481,054 shares of the company’s stock, valued at $97,078,549.64. The trade was a 0.34 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.07% of the stock is currently owned by company insiders.

Institutional Trading of Nuvation Bio

Hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Nuvation Bio by 4.8% in the third quarter. State Street Corp now owns 4,166,441 shares of the company’s stock worth $9,541,000 after acquiring an additional 191,031 shares in the last quarter. Wellington Management Group LLP increased its stake in Nuvation Bio by 83.3% during the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after purchasing an additional 283,642 shares in the last quarter. Geode Capital Management LLC raised its holdings in Nuvation Bio by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock worth $9,227,000 after buying an additional 196,247 shares during the period. JPMorgan Chase & Co. lifted its stake in Nuvation Bio by 479.1% in the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock valued at $1,014,000 after buying an additional 366,429 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Nuvation Bio during the fourth quarter worth $116,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.