Nuvation Bio (NYSE:NUVB) Trading 5.4% Higher – Here’s Why

by · The Markets Daily

Nuvation Bio Inc. (NYSE:NUVB – Get Free Report) shares traded up 5.4% on Wednesday . The company traded as high as $1.83 and last traded at $1.85. 459,894 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,943,259 shares. The stock had previously closed at $1.75.

Wall Street Analyst Weigh In

NUVB has been the subject of a number of analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $10.00 target price (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. HC Wainwright reduced their target price on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 10th. Wedbush restated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Thursday, March 27th. Finally, Jones Trading assumed coverage on shares of Nuvation Bio in a report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price target for the company.

Read Our Latest Stock Report on Nuvation Bio

Nuvation Bio Price Performance

The company has a market capitalization of $562.21 million, a PE ratio of -0.76 and a beta of 1.47. The stock has a 50-day simple moving average of $2.12 and a 200 day simple moving average of $2.45.

Institutional Investors Weigh In On Nuvation Bio

Large investors have recently added to or reduced their stakes in the business. FMR LLC grew its position in shares of Nuvation Bio by 54.9% in the fourth quarter. FMR LLC now owns 45,285,572 shares of the company’s stock valued at $120,460,000 after purchasing an additional 16,046,701 shares during the last quarter. Vanguard Group Inc. lifted its stake in Nuvation Bio by 45.4% in the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock valued at $41,849,000 after buying an additional 4,913,820 shares in the last quarter. Geode Capital Management LLC grew its holdings in Nuvation Bio by 22.9% during the 4th quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company’s stock valued at $13,174,000 after buying an additional 922,503 shares during the last quarter. State Street Corp increased its position in Nuvation Bio by 4.8% during the third quarter. State Street Corp now owns 4,166,441 shares of the company’s stock worth $9,541,000 after buying an additional 191,031 shares in the last quarter. Finally, MPM Bioimpact LLC acquired a new position in shares of Nuvation Bio in the fourth quarter worth $11,077,000. 61.67% of the stock is owned by institutional investors and hedge funds.

About Nuvation Bio

(Get Free Report)

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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