Nuvation Bio Inc. (NYSE:NUVB) Short Interest Up 14.3% in January

Nuvation Bio Inc. (NYSE:NUVB) was the recipient of a significant growth in short interest in January. As of January 31st, there was short interest totalling 25,210,000 shares, a growth of 14.3% from the January 15th total of 22,050,000 shares. Based on an average daily trading volume, of 2,590,000 shares, the days-to-cover ratio is presently 9.7 days. Currently, 11.0% of the company’s stock are sold short.

Institutional Investors Weigh In On Nuvation Bio

Hedge funds have recently added to or reduced their stakes in the stock. Forum Financial Management LP acquired a new position in shares of Nuvation Bio during the fourth quarter worth approximately $29,000. Cerity Partners LLC acquired a new position in Nuvation Bio during the 4th quarter worth $31,000. Russell Investments Group Ltd. grew its stake in shares of Nuvation Bio by 15,183.7% in the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock worth $42,000 after purchasing an additional 15,791 shares in the last quarter. Abacus Planning Group Inc. acquired a new position in shares of Nuvation Bio during the fourth quarter valued at $44,000. Finally, Cibc World Markets Corp bought a new stake in shares of Nuvation Bio during the fourth quarter valued at about $45,000. 61.67% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NUVB has been the subject of several research reports. HC Wainwright lifted their target price on Nuvation Bio from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Thursday, January 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a report on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio presently has a consensus rating of “Buy” and a consensus target price of $8.20.

Nuvation Bio Price Performance

Shares of NYSE NUVB traded down $0.02 during mid-day trading on Friday, hitting $2.28. The company had a trading volume of 1,205,075 shares, compared to its average volume of 2,371,635. Nuvation Bio has a 12 month low of $1.67 and a 12 month high of $4.16. The stock has a market cap of $765.70 million, a price-to-earnings ratio of -1.05 and a beta of 1.45. The firm’s 50 day simple moving average is $2.61 and its two-hundred day simple moving average is $2.67.

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.