Nuvation Bio (NYSE:NUVB) Stock Price Up 5.4% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) traded up 5.4% during mid-day trading on Wednesday . The company traded as high as $1.83 and last traded at $1.85. 459,894 shares changed hands during trading, a decline of 76% from the average session volume of 1,943,259 shares. The stock had previously closed at $1.75.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. HC Wainwright dropped their target price on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a report on Thursday, March 27th. Jones Trading started coverage on shares of Nuvation Bio in a report on Wednesday, March 12th. They set a “buy” rating and a $10.00 price target on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th.

Nuvation Bio Stock Performance

The firm has a market capitalization of $592.69 million, a price-to-earnings ratio of -0.81 and a beta of 1.47. The company has a 50 day moving average price of $2.16 and a two-hundred day moving average price of $2.46.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Nuvation Bio by 5.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,939 shares of the company’s stock worth $276,000 after acquiring an additional 5,693 shares during the last quarter. Two Sigma Investments LP boosted its stake in Nuvation Bio by 0.5% during the 4th quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company’s stock worth $3,062,000 after purchasing an additional 5,925 shares during the last quarter. Zacks Investment Management grew its holdings in shares of Nuvation Bio by 21.5% during the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock worth $83,000 after buying an additional 6,394 shares in the last quarter. LPL Financial LLC raised its holdings in Nuvation Bio by 27.0% in the 4th quarter. LPL Financial LLC now owns 31,348 shares of the company’s stock valued at $83,000 after acquiring an additional 6,673 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Nuvation Bio by 2.3% in the fourth quarter. Invesco Ltd. now owns 330,388 shares of the company’s stock valued at $879,000 after purchasing an additional 7,344 shares in the last quarter. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.