Nuvation Bio (NYSE:NUVB) Sees Strong Trading Volume - Time to Buy?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) saw strong trading volume on Wednesday . 7,818,547 shares were traded during trading, an increase of 142% from the previous session's volume of 3,232,262 shares.The stock last traded at $2.37 and had previously closed at $2.53.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Jones Trading started coverage on Nuvation Bio in a research report on Wednesday, March 12th. They issued a "buy" rating and a $10.00 price target on the stock. Wedbush reissued an "outperform" rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Wednesday. Citigroup assumed coverage on Nuvation Bio in a report on Wednesday, April 23rd. They set an "outperform" rating for the company. Wall Street Zen raised Nuvation Bio from a "sell" rating to a "hold" rating in a research report on Friday, June 6th. Finally, HC Wainwright cut their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $7.83.

Nuvation Bio Trading Down 17.7%

The company's 50 day simple moving average is $2.15 and its 200-day simple moving average is $2.32. The firm has a market cap of $615.88 million, a P/E ratio of -0.83 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported ($0.16) EPS for the quarter, hitting analysts' consensus estimates of ($0.16). The company had revenue of $3.08 million during the quarter, compared to the consensus estimate of $0.42 million. On average, sell-side analysts anticipate that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

Insider Activity at Nuvation Bio

In related news, insider Dongfang Liu sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the transaction, the insider now directly owns 12,000 shares in the company, valued at approximately $30,000. The trade was a 62.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David Hung bought 300,000 shares of Nuvation Bio stock in a transaction that occurred on Monday, April 7th. The stock was purchased at an average cost of $1.62 per share, with a total value of $486,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 58,781,054 shares in the company, valued at $95,225,307.48. This represents a 0.51% increase in their position. The disclosure for this purchase can be found here. 29.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvation Bio

Several large investors have recently added to or reduced their stakes in NUVB. Peapod Lane Capital LLC bought a new stake in shares of Nuvation Bio during the 4th quarter valued at $1,042,000. Palumbo Wealth Management LLC increased its stake in Nuvation Bio by 297.4% in the 4th quarter. Palumbo Wealth Management LLC now owns 65,360 shares of the company's stock worth $174,000 after buying an additional 48,914 shares in the last quarter. Abacus Planning Group Inc. bought a new stake in Nuvation Bio during the fourth quarter valued at about $44,000. Ieq Capital LLC purchased a new position in shares of Nuvation Bio in the fourth quarter valued at about $98,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Nuvation Bio by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 518,575 shares of the company's stock worth $1,379,000 after acquiring an additional 14,203 shares during the period. Hedge funds and other institutional investors own 61.67% of the company's stock.

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.