Nuvation Bio (NYSE:NUVB) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Nuvation Bio Inc. (NYSE:NUVB) saw strong trading volume on Thursday after HC Wainwright raised their price target on the stock from $5.00 to $8.00. HC Wainwright currently has a buy rating on the stock. 631,712 shares were traded during trading, a decline of 41% from the previous session’s volume of 1,072,176 shares.The stock last traded at $3.94 and had previously closed at $3.97.

Other research analysts have also recently issued research reports about the company. BTIG Research raised Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a research note on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Friday, March 1st. Finally, Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and upped their target price for the company from $1.40 to $10.00 in a report on Wednesday.

Institutional Investors Weigh In On Nuvation Bio

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Nuvation Bio by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 7,314,615 shares of the company’s stock worth $11,045,000 after acquiring an additional 18,457 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Nuvation Bio by 92.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 794,108 shares of the company’s stock worth $1,199,000 after acquiring an additional 381,555 shares in the last quarter. Octagon Capital Advisors LP purchased a new stake in Nuvation Bio in the 4th quarter worth about $1,510,000. Brevan Howard Capital Management LP purchased a new stake in Nuvation Bio in the 4th quarter worth about $49,000. Finally, Royal Bank of Canada lifted its stake in Nuvation Bio by 173.0% in the 4th quarter. Royal Bank of Canada now owns 66,895 shares of the company’s stock worth $101,000 after acquiring an additional 42,392 shares in the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

Nuvation Bio Trading Up 3.0 %

The firm has a 50-day simple moving average of $1.97 and a two-hundred day simple moving average of $1.56. The company has a market capitalization of $891.81 million, a price-to-earnings ratio of -11.65 and a beta of 1.19.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. On average, sell-side analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

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.