Nuvation Bio (NYSE:NUVB) Trading Up 10.4% Following Insider Buying Activity

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s stock price traded up 10.4% during trading on Friday following insider buying activity. The company traded as high as $2.22 and last traded at $2.22. 173,424 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,417,085 shares. The stock had previously closed at $2.01.

Specifically, Director Robert Mashal purchased 100,000 shares of the business's stock in a transaction dated Tuesday, October 8th. The stock was 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 $220,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wedbush reiterated an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a report on Wednesday, September 11th. HC Wainwright cut their price target on Nuvation Bio from $8.00 to $7.00 and set a "buy" rating for the company in a report on Monday, September 16th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Tuesday, August 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $6.40.

Nuvation Bio Price Performance

The business has a 50 day moving average of $2.77 and a 200 day moving average of $3.01. The firm has a market capitalization of $565.77 million, a price-to-earnings ratio of -1.08 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its earnings results on Monday, August 5th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.09). The company had revenue of $1.44 million during the quarter. On average, sell-side analysts forecast that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Institutional Trading of Nuvation Bio

Large investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. bought a new stake in Nuvation Bio in the second quarter valued at $29,000. EverSource Wealth Advisors LLC grew its position in 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 acquiring an additional 10,000 shares during the period. Xponance Inc. bought a new stake in shares of Nuvation Bio during the second quarter worth $33,000. Caxton Associates LP bought a new stake in shares of Nuvation Bio during the second quarter worth $43,000. Finally, Choreo LLC bought a new stake in shares of Nuvation Bio during the second quarter worth $47,000. 61.67% of the stock is currently owned by institutional investors.

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.