Nuvation Bio (NYSE:NUVB) Stock Price Up 10.4% Following Insider Buying Activity

Nuvation Bio Inc. (NYSE:NUVB)’s share price shot up 10.4% on Friday after an insider bought additional shares in the company. The company 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 the business’s stock in a transaction on Tuesday, October 8th. The stock was acquired at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now owns 100,000 shares of the company’s stock, valued at approximately $220,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research report on Tuesday, August 6th. HC Wainwright decreased their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Wednesday, September 11th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $6.40.

Nuvation Bio Price Performance

The company’s fifty day moving average is $2.79 and its 200-day moving average is $3.01. The company has a market capitalization of $553.31 million, a PE ratio of -1.04 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The business had revenue of $1.44 million for the quarter. Equities research analysts forecast that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Nuvation Bio by 3.0% during the 1st 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. Price T Rowe Associates Inc. MD grew its stake in shares of Nuvation Bio by 551.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock worth $4,932,000 after acquiring an additional 1,146,794 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Nuvation Bio by 81.9% in the first quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after acquiring an additional 528,660 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Nuvation Bio by 415.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock worth $2,975,000 after acquiring an additional 820,669 shares in the last quarter. Finally, Octagon Capital Advisors LP acquired a new position in shares of Nuvation Bio in the fourth quarter worth $1,510,000. 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.