Nuvation Bio (NYSE:NUVB) Sees Strong Trading Volume - Here's What Happened

Shares of Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 2,195,917 shares traded hands during trading, an increase of 54% from the previous session's volume of 1,421,913 shares.The stock last traded at $2.48 and had previously closed at $2.36.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. HC Wainwright dropped their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, September 16th. Wedbush reissued an "outperform" rating and issued a $5.00 price target on shares of Nuvation Bio in a research report on Tuesday, October 22nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $6.40.

Nuvation Bio Trading Down 0.6 %

The stock has a market capitalization of $584.48 million, a P/E ratio of -1.11 and a beta of 1.36. The firm's fifty day moving average is $2.64 and its 200-day moving average is $2.92.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its earnings results on Monday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.09). The firm had revenue of $1.44 million for the quarter. Equities research analysts expect that Nuvation Bio Inc. will post -0.29 EPS for the current year.

Insiders Place Their Bets

In related news, Director Robert Mashal acquired 100,000 shares of the firm's stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $2.20 per share, with a total value of $220,000.00. Following the acquisition, the director now directly owns 100,000 shares in the company, valued at $220,000. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.07% of the company's stock.

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUVB. B. Riley Wealth Advisors Inc. acquired a new position in Nuvation Bio during the second quarter valued at approximately $29,000. EverSource Wealth Advisors LLC boosted its position in shares of Nuvation Bio by 913.2% during the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company's stock worth $32,000 after purchasing an additional 10,000 shares in the last quarter. Xponance Inc. acquired a new position in shares of Nuvation Bio in the 2nd quarter valued at $33,000. Caxton Associates LP bought a new stake in shares of Nuvation Bio in the 2nd quarter valued at $43,000. Finally, Choreo LLC acquired a new stake in Nuvation Bio during the 2nd quarter worth $47,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.