Nuvation Bio (NYSE:NUVB) Shares Up 9.6% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB)’s stock price shot up 9.6% during trading on Friday . The company traded as high as $5.20 and last traded at $5.1390. 2,925,509 shares were traded during mid-day trading, a decline of 43% from the average session volume of 5,166,386 shares. The stock had previously closed at $4.69.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvation Bio in a research note on Wednesday, October 8th. JMP Securities set a $8.00 price target on Nuvation Bio in a report on Tuesday, November 4th. Wedbush restated an “outperform” rating and issued a $6.00 price target on shares of Nuvation Bio in a research report on Monday, October 13th. HC Wainwright reissued a “buy” rating and issued a $10.00 target price on shares of Nuvation Bio in a research note on Friday, September 19th. Finally, Royal Bank Of Canada raised their target price on shares of Nuvation Bio from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Nuvation Bio presently has an average rating of “Moderate Buy” and an average price target of $8.57.

Nuvation Bio Stock Up 8.6%

The company has a market cap of $1.75 billion, a P/E ratio of -7.96 and a beta of 1.50. The company has a debt-to-equity ratio of 0.14, a quick ratio of 8.39 and a current ratio of 8.48. The business’s fifty day moving average is $3.97 and its two-hundred day moving average is $2.90.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. Nuvation Bio had a negative return on equity of 54.99% and a negative net margin of 813.07%.The firm had revenue of $13.12 million during the quarter, compared to analyst estimates of $7.48 million. Equities analysts predict that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Insider Buying and Selling at Nuvation Bio

In related news, insider Gary Hattersley sold 100,000 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $5.02, for a total value of $502,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 29.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Nuvation Bio

Several hedge funds have recently modified their holdings of the business. Parallel Advisors LLC increased its holdings in Nuvation Bio by 51.9% during the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after buying an additional 2,597 shares during the period. LCM Capital Management Inc grew its stake in Nuvation Bio by 29.2% in the third quarter. LCM Capital Management Inc now owns 15,500 shares of the company’s stock valued at $57,000 after purchasing an additional 3,500 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Nuvation Bio by 38.8% during the third quarter. Mackenzie Financial Corp now owns 15,746 shares of the company’s stock valued at $58,000 after buying an additional 4,400 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Nuvation Bio by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company’s stock valued at $191,000 after buying an additional 4,608 shares in the last quarter. Finally, Meridian Wealth Management LLC grew its position in shares of Nuvation Bio by 5.8% in the 2nd quarter. Meridian Wealth Management LLC now owns 87,115 shares of the company’s stock worth $170,000 after buying an additional 4,780 shares during the last quarter. Hedge funds and other 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.