Nuvation Bio (NYSE:NUVB) Shares Gap Up on Insider Buying Activity

Nuvation Bio Inc. (NYSE:NUVB) shares gapped up before the market opened on Wednesday following insider buying activity. The stock had previously closed at $3.04, but opened at $3.15. Nuvation Bio shares last traded at $3.13, with a volume of 388,252 shares changing hands.

Specifically, Director Kim D. Blickenstaff bought 172,189 shares of the stock in a transaction on Tuesday, June 11th. The shares were bought at an average cost of $2.90 per share, for a total transaction of $499,348.10. Following the completion of the transaction, the director now owns 172,189 shares of the company’s stock, valued at approximately $499,348.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Nuvation Bio news, Director Xiangmin Cui purchased 336,874 shares of Nuvation Bio stock in a transaction on Monday, June 24th. The shares were bought at an average price of $2.98 per share, with a total value of $1,003,884.52. Following the completion of the acquisition, the director now directly owns 2,175,236 shares of the company’s stock, valued at $6,482,203.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kim D. Blickenstaff purchased 172,189 shares of Nuvation Bio stock in a transaction on Tuesday, June 11th. The stock was acquired at an average cost of $2.90 per share, for a total transaction of $499,348.10. Following the acquisition, the director now directly owns 172,189 shares of the company’s stock, valued at $499,348.10. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 596,778 shares of company stock worth $1,765,500. 36.09% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NUVB. Royal Bank of Canada upped their price target on shares of Nuvation Bio from $4.00 to $5.00 and gave the company an “outperform” rating in a report on Wednesday, April 17th. Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research note on Friday, May 24th. HC Wainwright reissued a “buy” rating and set a $8.00 price objective on shares of Nuvation Bio in a research note on Monday, June 3rd. Jefferies Financial Group raised shares of Nuvation Bio from a “hold” rating to a “buy” rating and upped their price objective for the company from $1.40 to $10.00 in a research note on Wednesday, March 27th. Finally, BTIG Research raised shares of Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price objective on the stock in a research note on Tuesday, March 26th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $6.60.

Nuvation Bio Price Performance

The firm’s 50-day moving average is $3.01 and its 200 day moving average is $2.37. The stock has a market cap of $739.04 million, a price-to-earnings ratio of -9.64 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. On average, sell-side analysts forecast that Nuvation Bio Inc. will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Nuvation Bio

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Nuvation Bio by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after purchasing an additional 219,533 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Nuvation Bio by 551.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock valued at $4,932,000 after acquiring an additional 1,146,794 shares during the period. Acadian Asset Management LLC raised its stake in shares of Nuvation Bio by 81.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock valued at $4,273,000 after acquiring an additional 528,660 shares during the period. Octagon Capital Advisors LP purchased a new position in shares of Nuvation Bio in the 4th quarter valued at $1,510,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Nuvation Bio by 254.1% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 748,793 shares of the company’s stock valued at $2,726,000 after acquiring an additional 537,314 shares during the period. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.