Nuvation Bio (NYSE:NUVB) Sees Large Volume Increase - Should You Buy?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares saw an uptick in trading volume on Wednesday . 2,380,401 shares traded hands during trading, a decline of 15% from the previous session's volume of 2,810,596 shares.The stock last traded at $2.02 and had previously closed at $2.05.

Wall Street Analyst Weigh In

Several brokerages recently commented on NUVB. Royal Bank Of Canada upgraded shares of Nuvation Bio from an "outperform" rating to a "moderate buy" rating and cut their price target for the stock from $10.00 to $6.00 in a research note on Tuesday, June 17th. Wall Street Zen downgraded shares of Nuvation Bio from a "hold" rating to a "sell" rating in a report on Saturday, June 14th. HC Wainwright reduced their price target on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Citigroup started coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They issued an "outperform" rating on the stock. Finally, Jones Trading assumed coverage on shares of Nuvation Bio in a research note on Wednesday, March 12th. They set a "buy" rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $7.17.

Nuvation Bio Trading Up 4.0%

The stock has a market capitalization of $665.21 million, a P/E ratio of -0.83 and a beta of 1.37. The stock's 50 day simple moving average is $2.15 and its 200 day simple moving average is $2.25.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.16). The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $0.42 million. Nuvation Bio had a negative net margin of 5,534.21% and a negative return on equity of 44.14%. On average, sell-side analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity at Nuvation Bio

In other Nuvation Bio news, insider Dongfang Liu sold 20,000 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $2.50, for a total transaction of $50,000.00. Following the transaction, the insider now owns 12,000 shares of the company's stock, valued at approximately $30,000. This trade represents a 62.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Hung acquired 200,000 shares of the stock in a transaction dated Friday, April 4th. The stock was acquired at an average cost of $1.66 per share, for a total transaction of $332,000.00. Following the purchase, the chief executive officer now directly owns 58,481,054 shares in the company, valued at approximately $97,078,549.64. The trade was a 0.34% increase in their ownership of the stock. The disclosure for this purchase can be found here. 29.93% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NUVB. Exome Asset Management LLC acquired a new stake in shares of Nuvation Bio during the first quarter worth approximately $170,000. Millennium Management LLC lifted its position in shares of Nuvation Bio by 52.4% in the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock worth $6,642,000 after acquiring an additional 1,298,131 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 worth $191,000 after acquiring an additional 4,608 shares during the period. AWM Investment Company Inc. bought a new stake in shares of Nuvation Bio in the 1st quarter worth approximately $1,144,000. Finally, MPM Bioimpact LLC lifted its position in shares of Nuvation Bio by 11.7% in the 1st quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company's stock worth $8,188,000 after acquiring an additional 488,065 shares during the period. 61.67% of the stock is owned by hedge funds and other institutional investors.

Nuvation Bio Company Profile

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.