Nuvation Bio (NYSE:NUVB) Shares Up 8% – Time to Buy?

Shares of Nuvation Bio Inc. (NYSE:NUVB) shot up 8% on Friday . The company traded as high as $2.06 and last traded at $2.04. 2,762,939 shares traded hands during trading, an increase of 12% from the average session volume of 2,474,208 shares. The stock had previously closed at $1.89.

Analyst Ratings Changes

A number of brokerages have weighed in on NUVB. Royal Bank of Canada reaffirmed an “outperform” rating and set a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. HC Wainwright lifted their price target on shares of Nuvation Bio from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday, January 23rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research report on Monday, March 3rd. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $8.20.

Nuvation Bio Stock Up 7.1 %

The company has a market cap of $681.55 million, a PE ratio of -0.93 and a beta of 1.47. The business’s 50 day moving average price is $2.41 and its 200-day moving average price is $2.58.

Institutional Trading of Nuvation Bio

Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp increased its stake in shares of Nuvation Bio by 4.8% in the third quarter. State Street Corp now owns 4,166,441 shares of the company’s stock worth $9,541,000 after buying an additional 191,031 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Nuvation Bio by 83.3% in the third quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after buying an additional 283,642 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Nuvation Bio by 5.1% in the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock worth $9,227,000 after buying an additional 196,247 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Nuvation Bio by 479.1% in the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock worth $1,014,000 after buying an additional 366,429 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Nuvation Bio in the third quarter worth $634,000. 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.