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 after an insider bought additional shares in the company. 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 traded.

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

Analyst Ratings Changes

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

Nuvation Bio Stock Performance

The firm’s 50-day simple moving average is $3.02 and its 200 day simple moving average is $2.38. The company has a market cap of $751.40 million, a P/E ratio of -9.81 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Tuesday, May 14th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. As a group, research analysts forecast that Nuvation Bio Inc. will post -0.31 earnings per share for the current year.

Institutional Trading of Nuvation Bio

Several hedge funds have recently added to or reduced their stakes in NUVB. Vanguard Group Inc. lifted its stake in Nuvation Bio by 3.0% in the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock valued at $27,424,000 after buying an additional 219,533 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in 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 in the last quarter. Acadian Asset Management LLC boosted its stake in Nuvation Bio by 81.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after purchasing an additional 528,660 shares during the period. Octagon Capital Advisors LP bought a new position in Nuvation Bio during the 4th quarter worth about $1,510,000. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Nuvation Bio by 254.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 748,793 shares of the company’s stock worth $2,726,000 after purchasing an additional 537,314 shares in the last quarter. 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.