Nuvation Bio (NYSE:NUVB) Coverage Initiated at Jones Trading

Jones Trading initiated coverage on shares of Nuvation Bio (NYSE:NUVB - Free Report) in a research note released on Wednesday,Benzinga reports. The firm issued a buy rating and a $10.00 price objective on the stock.

Several other brokerages also recently issued reports on NUVB. HC Wainwright lowered their price target on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a report on Monday, March 10th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $10.00 target price (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Finally, Wedbush reissued an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Monday, March 3rd. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $8.33.

Nuvation Bio Stock Down 3.4 %

Shares of NUVB traded down $0.08 during midday trading on Wednesday, hitting $2.14. The company's stock had a trading volume of 3,348,309 shares, compared to its average volume of 1,962,274. Nuvation Bio has a one year low of $1.67 and a one year high of $4.16. The stock has a market capitalization of $723.08 million, a price-to-earnings ratio of -0.98 and a beta of 1.47. The company's fifty day simple moving average is $2.35 and its two-hundred day simple moving average is $2.55.

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Institutional Investors Weigh In On Nuvation Bio

Several institutional investors and hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 period. Two Sigma Investments LP lifted its position in shares of Nuvation Bio by 0.5% in 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 period. Zacks Investment Management lifted its position in shares of Nuvation Bio by 21.5% in the 3rd quarter. Zacks Investment Management now owns 36,125 shares of the company's stock worth $83,000 after purchasing an additional 6,394 shares during the period. LPL Financial LLC increased its position in shares of Nuvation Bio by 27.0% during the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company's stock worth $83,000 after buying an additional 6,673 shares during the period. Finally, Invesco Ltd. raised its stake in Nuvation Bio by 2.3% during the fourth quarter. Invesco Ltd. now owns 330,388 shares of the company's stock worth $879,000 after buying an additional 7,344 shares during the last quarter. Institutional investors and hedge funds 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.