Nuvation Bio (NYSE:NUVB) Trading Up 5% – Time to Buy?

Nuvation Bio Inc. (NYSE:NUVB) shares traded up 5% on Thursday . The company traded as high as $2.74 and last traded at $2.74. 1,087,569 shares changed hands during trading, a decline of 31% from the average session volume of 1,566,568 shares. The stock had previously closed at $2.61.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NUVB. Royal Bank of Canada lifted their target price on Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. HC Wainwright lowered their target price on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Finally, Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, November 7th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $6.60.

Nuvation Bio Stock Up 3.4 %

The business has a 50 day simple moving average of $2.60 and a two-hundred day simple moving average of $2.84. The firm has a market cap of $908.73 million, a PE ratio of -1.24 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $0.73 million during the quarter. Equities analysts forecast that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert Mashal bought 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was bought at an average price of $2.20 per share, with a total value of $220,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $220,000. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nuvation Bio

A number of large investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in shares of Nuvation Bio by 33.6% during the second quarter. Bank of New York Mellon Corp now owns 626,905 shares of the company’s stock valued at $1,831,000 after buying an additional 157,511 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Nuvation Bio in the second quarter worth about $126,000. Panagora Asset Management Inc. raised its stake in shares of Nuvation Bio by 198.7% in the second quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock worth $1,850,000 after purchasing an additional 421,563 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Nuvation Bio by 58.7% during the second quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock worth $76,000 after purchasing an additional 9,603 shares during the period. Finally, Rhumbline Advisers boosted its holdings in shares of Nuvation Bio by 25.7% in the 2nd quarter. Rhumbline Advisers now owns 260,939 shares of the company’s stock valued at $762,000 after acquiring an additional 53,389 shares during the last quarter. Hedge funds and other institutional investors 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.