Nuvation Bio (NYSE:NUVB) Trading Up 8% - Still a Buy?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s share price was up 8% on Monday . The stock traded as high as $2.10 and last traded at $2.09. Approximately 1,287,262 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 2,885,568 shares. The stock had previously closed at $1.93.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NUVB. Royal Bank Of Canada raised Nuvation Bio from an "outperform" rating to a "moderate buy" rating and cut their target price for the stock from $10.00 to $6.00 in a research note on Tuesday, June 17th. JMP Securities reissued a "market outperform" rating and set a $6.00 price objective on shares of Nuvation Bio in a research report on Wednesday, June 25th. Wall Street Zen cut shares of Nuvation Bio from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. HC Wainwright lowered their target price on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, March 10th. Finally, Jones Trading initiated coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They set a "buy" rating and a $10.00 price target for the company. One analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Nuvation Bio currently has an average rating of "Moderate Buy" and a consensus target price of $7.17.

Nuvation Bio Price Performance

The company has a market capitalization of $709.44 million, a PE ratio of -0.89 and a beta of 1.33. The stock's 50 day simple moving average is $2.14 and its 200-day simple moving average is $2.22.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.16). Nuvation Bio had a negative net margin of 5,534.21% and a negative return on equity of 44.14%. The firm had revenue of $3.08 million during the quarter, compared to analysts' expectations of $0.42 million. On average, equities analysts predict that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Nuvation Bio

Hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Nuvation Bio by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company's stock worth $191,000 after buying an additional 4,608 shares during the last quarter. Two Sigma Investments LP lifted its stake in Nuvation Bio by 0.5% during the fourth quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company's stock worth $3,062,000 after purchasing an additional 5,925 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Nuvation Bio by 11.7% during the first quarter. Exchange Traded Concepts LLC now owns 60,951 shares of the company's stock worth $107,000 after purchasing an additional 6,403 shares during the last quarter. Pale Fire Capital SE boosted its holdings in Nuvation Bio by 17.0% in the first quarter. Pale Fire Capital SE now owns 45,642 shares of the company's stock valued at $80,000 after purchasing an additional 6,642 shares in the last quarter. Finally, LPL Financial LLC increased its stake in Nuvation Bio by 27.0% in the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company's stock valued at $83,000 after purchasing an additional 6,673 shares during the last quarter. Institutional investors and hedge funds 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.