Nuvation Bio (NYSE:NUVB) Trading 10% Higher - Here's What Happened

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) traded up 10% on Friday . The stock traded as high as $2.86 and last traded at $2.85. 1,079,231 shares were traded during trading, a decline of 32% from the average session volume of 1,589,898 shares. The stock had previously closed at $2.59.

Analyst Ratings Changes

NUVB has been the topic of several recent analyst reports. Wedbush reissued an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Monday, December 23rd. Royal Bank of Canada lifted their price target on Nuvation Bio from $5.00 to $6.00 and gave the company an "outperform" rating in a report on Thursday, November 7th. Finally, HC Wainwright reduced their price objective on Nuvation Bio from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, September 16th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, Nuvation Bio has an average rating of "Buy" and a consensus price target of $6.60.

Nuvation Bio Stock Performance

The business's 50 day simple moving average is $2.68 and its 200-day simple moving average is $2.82. The company has a market cap of $972.68 million, a price-to-earnings ratio of -1.33 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data 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. Research analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Activity at Nuvation Bio

In related news, Director Robert Mashal bought 100,000 shares of the business's stock in a transaction on Tuesday, October 8th. The shares were bought at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares in the company, valued at approximately $220,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.07% of the stock is currently owned by company insiders.

Institutional Trading of Nuvation Bio

Several large investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. acquired a new stake in Nuvation Bio in the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC raised its position in shares of Nuvation Bio by 913.2% in the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company's stock valued at $32,000 after purchasing an additional 10,000 shares during the period. Xponance Inc. acquired a new stake in shares of Nuvation Bio in the second quarter worth $33,000. Caxton Associates LP bought a new stake in shares of Nuvation Bio during the 2nd quarter worth $43,000. Finally, Choreo LLC acquired a new position in Nuvation Bio in the 2nd quarter valued at $47,000. 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.