Nuvation Bio (NYSE:NUVB) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of Nuvation Bio Inc. (NYSE:NUVB) saw unusually-high trading volume on Thursday after HC Wainwright raised their price target on the stock from $5.00 to $8.00. HC Wainwright currently has a buy rating on the stock. Approximately 631,712 shares changed hands during trading, a decline of 41% from the previous session’s volume of 1,072,176 shares.The stock last traded at $3.94 and had previously closed at $3.97.

Several other research firms also recently weighed in on NUVB. BTIG Research raised Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a report on Tuesday. Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and raised their price objective for the company from $1.40 to $10.00 in a report on Wednesday. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a report on Friday, March 1st.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Clarius Group LLC bought a new stake in Nuvation Bio in the 3rd quarter valued at about $26,000. Centiva Capital LP bought a new stake in Nuvation Bio in the 4th quarter valued at about $26,000. Royal Bank of Canada increased its position in Nuvation Bio by 133.4% in the 2nd quarter. Royal Bank of Canada now owns 15,199 shares of the company’s stock valued at $27,000 after buying an additional 8,687 shares in the last quarter. Virtu Financial LLC bought a new stake in Nuvation Bio in the 4th quarter valued at about $31,000. Finally, Beacon Pointe Advisors LLC bought a new stake in Nuvation Bio in the 4th quarter valued at about $33,000. 61.67% of the stock is owned by institutional investors.

Nuvation Bio Trading Up 3.0 %

The business has a fifty day simple moving average of $1.97 and a 200 day simple moving average of $1.56. The stock has a market capitalization of $891.81 million, a P/E ratio of -11.65 and a beta of 1.19.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. As a group, research analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

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.