Nuvation Bio (NYSE:NUVB) Sees Strong Trading Volume Following Better-Than-Expected Earnings

Shares of Nuvation Bio Inc. (NYSE:NUVB) saw strong trading volume on Tuesday following a stronger than expected earnings report. 6,780,232 shares traded hands during mid-day trading, an increase of 34% from the previous session’s volume of 5,075,067 shares.The stock last traded at $4.5760 and had previously closed at $5.17.

The company reported ($0.16) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.01. The company had revenue of $13.12 million during the quarter, compared to the consensus estimate of $7.48 million. Nuvation Bio had a negative net margin of 1,413.43% and a negative return on equity of 46.14%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $6.00 price objective on shares of Nuvation Bio in a report on Monday, October 13th. Citigroup reiterated a “market outperform” rating on shares of Nuvation Bio in a research report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvation Bio in a research report on Wednesday, October 8th. JMP Securities set a $8.00 target price on shares of Nuvation Bio in a research report on Tuesday. Finally, Citizens Jmp raised their price objective on shares of Nuvation Bio from $6.00 to $8.00 and gave the company a “market outperform” rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.43.

Insiders Place Their Bets

In other Nuvation Bio news, insider Gary Hattersley sold 100,000 shares of Nuvation Bio stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $5.02, for a total value of $502,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 29.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. HBK Sorce Advisory LLC bought a new position in Nuvation Bio in the third quarter valued at approximately $42,000. Federated Hermes Inc. lifted its stake in Nuvation Bio by 75.9% in the third quarter. Federated Hermes Inc. now owns 11,630 shares of the company’s stock valued at $43,000 after buying an additional 5,020 shares in the last quarter. Highline Wealth Partners LLC acquired a new stake in shares of Nuvation Bio in the second quarter valued at approximately $25,000. Rangeley Capital LLC acquired a new stake in shares of Nuvation Bio in the second quarter valued at approximately $25,000. Finally, Merit Financial Group LLC acquired a new stake in shares of Nuvation Bio in the third quarter valued at approximately $55,000. Institutional investors own 61.67% of the company’s stock.

Nuvation Bio Trading Down 12.0%

The firm has a market cap of $1.56 billion, a P/E ratio of -7.15 and a beta of 1.48. The business’s 50-day moving average is $3.68 and its two-hundred day moving average is $2.75. The company has a debt-to-equity ratio of 0.13, a current ratio of 9.39 and a quick ratio of 9.38.

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.