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

Nuvation Bio Inc. (NYSE:NUVB)’s share price shot up 5% on Thursday . The company traded as high as $2.74 and last traded at $2.74. 1,087,569 shares traded 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

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

Nuvation Bio Stock Performance

The company has a 50-day simple moving average of $2.62 and a two-hundred day simple moving average of $2.83. The firm has a market capitalization of $902.00 million, a P/E ratio of -1.24 and a beta of 1.46.

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

Insider Buying and Selling at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal purchased 100,000 shares of the stock in a transaction dated Tuesday, October 8th. The shares were purchased at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares in the company, valued at $220,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.07% of the stock is owned by company insiders.

Institutional Trading of Nuvation Bio

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC lifted its holdings in shares of Nuvation Bio by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after buying an additional 196,247 shares during the period. Frazier Life Sciences Management L.P. bought a new position in Nuvation Bio in the third quarter valued at about $2,790,000. XTX Topco Ltd purchased a new position in Nuvation Bio in the third quarter worth about $302,000. Zacks Investment Management grew its stake in shares of Nuvation Bio by 21.5% during the 3rd quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after purchasing an additional 6,394 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Nuvation Bio by 83.3% during the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock valued at $1,429,000 after purchasing an additional 283,642 shares during the last quarter. Hedge funds and other institutional investors own 61.67% of the company’s stock.

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.