Nuvation Bio (NYSE:NUVB) Stock Price Up 13.3% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB)’s stock price rose 13.3% during trading on Thursday . The company traded as high as $5.24 and last traded at $5.3470. Approximately 1,467,059 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 4,753,150 shares. The stock had previously closed at $4.72.

Analyst Ratings Changes

NUVB has been the topic of a number of analyst reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Nuvation Bio in a research note on Tuesday, May 5th. Zacks Research lowered shares of Nuvation Bio from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 26th. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Nuvation Bio in a research note on Tuesday, May 5th. UBS Group reduced their price objective on shares of Nuvation Bio from $10.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvation Bio in a research note on Tuesday, April 21st. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.50.

Nuvation Bio Stock Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 7.44 and a quick ratio of 7.24. The company’s fifty day simple moving average is $4.68 and its two-hundred day simple moving average is $5.93. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -11.20 and a beta of 1.52.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Monday, May 4th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.04. Nuvation Bio had a negative net margin of 102.06% and a negative return on equity of 44.10%. The firm had revenue of $83.23 million for the quarter, compared to the consensus estimate of $66.22 million. On average, analysts forecast that Nuvation Bio Inc. will post -0.39 earnings per share for the current year.

Insider Buying and Selling at Nuvation Bio

In other Nuvation Bio news, insider Dongfang Liu sold 50,000 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the insider owned 18,000 shares in the company, valued at approximately $90,360. This represents a 73.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kerry Wentworth sold 200,000 shares of the stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $4.52, for a total transaction of $904,000.00. Following the completion of the sale, the insider owned 53,000 shares of the company’s stock, valued at approximately $239,560. This represents a 79.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 286,750 shares of company stock worth $1,339,118. Corporate insiders own 30.11% of the company’s stock.

Institutional Trading of Nuvation Bio

Several institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC raised its holdings in shares of Nuvation Bio by 9.8% in the fourth quarter. HighTower Advisors LLC now owns 22,457 shares of the company’s stock valued at $201,000 after purchasing an additional 2,007 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Nuvation Bio by 51.9% in the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after purchasing an additional 2,597 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Nuvation Bio by 17.7% in the fourth quarter. Russell Investments Group Ltd. now owns 24,456 shares of the company’s stock valued at $219,000 after purchasing an additional 3,681 shares during the last quarter. Meridian Wealth Management LLC raised its holdings in shares of Nuvation Bio by 3.8% in the fourth quarter. Meridian Wealth Management LLC now owns 113,565 shares of the company’s stock valued at $1,018,000 after purchasing an additional 4,200 shares during the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Nuvation Bio by 38.8% in the third quarter. Mackenzie Financial Corp now owns 15,746 shares of the company’s stock valued at $58,000 after purchasing an additional 4,400 shares during the last quarter. Hedge funds and other institutional investors own 61.67% of the company’s stock.

About Nuvation Bio

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.