Nuvation Bio Sees Unusually High Options Volume (NYSE:NUVB)

Nuvation Bio Inc. (NYSE:NUVB) saw unusually large options trading on Thursday. Stock traders purchased 7,110 put options on the stock. This is an increase of approximately 7,800% compared to the average daily volume of 90 put options.

Institutional Investors Weigh In On Nuvation Bio

Hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Nuvation Bio during the fourth quarter valued at $27,000. Forum Financial Management LP acquired a new position in Nuvation Bio in the 4th quarter worth approximately $29,000. Cerity Partners LLC acquired a new position in Nuvation Bio in the 4th quarter worth approximately $31,000. Russell Investments Group Ltd. grew its position in Nuvation Bio by 15,183.7% during the 4th quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock worth $42,000 after purchasing an additional 15,791 shares in the last quarter. Finally, Abacus Planning Group Inc. acquired a new stake in Nuvation Bio during the 4th quarter valued at $44,000. 61.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. HC Wainwright decreased their price target on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Jones Trading assumed coverage on Nuvation Bio in a research note on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price target for the company. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Monday, March 3rd. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Nuvation Bio presently has a consensus rating of “Buy” and a consensus target price of $8.33.

Nuvation Bio Stock Down 1.3 %

Shares of Nuvation Bio stock opened at $1.96 on Friday. The firm has a market cap of $662.12 million, a price-to-earnings ratio of -0.90 and a beta of 1.47. The business has a fifty day simple moving average of $2.27 and a 200-day simple moving average of $2.53. Nuvation Bio has a fifty-two week low of $1.67 and a fifty-two week high of $4.16.

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.