Nuvation Bio (NYSE:NUVB) Sees Large Volume Increase After Analyst Upgrade

Shares of Nuvation Bio Inc. (NYSE:NUVBGet Free Report) saw unusually-strong 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 were traded during mid-day 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 brokerages have also weighed in on NUVB. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Friday, March 1st. BTIG Research raised Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 target price for the company in a report on Tuesday. Finally, Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and upped their target price for the company from $1.40 to $10.00 in a report on Wednesday.

Check Out Our Latest Stock Report on NUVB

Hedge Funds Weigh In On Nuvation Bio

Several institutional investors have recently made changes to their positions in NUVB. Baupost Group LLC MA grew its holdings in Nuvation Bio by 21.1% in the 1st quarter. Baupost Group LLC MA now owns 10,443,494 shares of the company’s stock worth $54,933,000 after buying an additional 1,820,473 shares in the last quarter. Vanguard Group Inc. grew its holdings in Nuvation Bio by 14.8% in the 1st quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock worth $68,025,000 after buying an additional 1,671,908 shares in the last quarter. Prosight Management LP bought a new position in Nuvation Bio in the 2nd quarter worth approximately $1,980,000. Octagon Capital Advisors LP bought a new position in Nuvation Bio in the 4th quarter worth approximately $1,510,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Nuvation Bio by 971.0% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 911,533 shares of the company’s stock worth $2,043,000 after buying an additional 826,426 shares in the last quarter. 61.67% of the stock is owned by institutional investors.

Nuvation Bio Stock Performance

The firm has a market capitalization of $793.69 million, a P/E ratio of -10.71 and a beta of 1.19. The business has a fifty day moving average of $2.01 and a 200-day moving average of $1.57.

Nuvation Bio (NYSE:NUVBGet Free Report) last released its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. On average, equities research analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current fiscal year.

About Nuvation Bio

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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.

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