Nuvation Bio (NYSE:NUVB) Sees Strong Trading Volume – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) shares saw strong trading volume on Friday . Approximately 3,274,813 shares were traded during mid-day trading, a decline of 35% from the previous session’s volume of 5,004,183 shares.The stock last traded at $5.6480 and had previously closed at $5.81.

Wall Street Analyst Weigh In

Several brokerages have recently commented on NUVB. Royal Bank Of Canada reissued an “outperform” rating and set a $20.00 price target on shares of Nuvation Bio in a research note on Tuesday, May 5th. UBS Group decreased their target price on Nuvation Bio from $10.00 to $7.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 3rd. Citigroup reissued a “market outperform” rating on shares of Nuvation Bio in a report on Wednesday, June 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvation Bio in a research report on Tuesday, April 21st. Finally, Zacks Research downgraded Nuvation Bio from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.50.

Nuvation Bio Price Performance

The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -13.10 and a beta of 1.52. The company has a current ratio of 7.44, a quick ratio of 7.24 and a debt-to-equity ratio of 0.15. The company’s 50 day simple moving average is $4.93 and its 200-day simple moving average is $5.72.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.04. Nuvation Bio had a negative net margin of 102.06% and a negative return on equity of 44.10%. The business had revenue of $83.23 million for the quarter, compared to the consensus estimate of $66.22 million. On average, equities research analysts predict that Nuvation Bio Inc. will post -0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Mashal bought 25,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was purchased at an average cost of $4.73 per share, for a total transaction of $118,250.00. Following the completion of the acquisition, the director owned 225,000 shares in the company, valued at $1,064,250. This trade represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stacy Markel sold 125,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total transaction of $753,750.00. Following the transaction, the insider directly owned 32,591 shares of the company’s stock, valued at $196,523.73. This trade represents a 79.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 522,418 shares of company stock valued at $2,758,612. 30.11% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUVB. Rangeley Capital LLC purchased a new position in shares of Nuvation Bio in the 2nd quarter worth about $25,000. Parallel Advisors LLC raised its holdings in Nuvation Bio by 51.9% in the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after buying an additional 2,597 shares during the period. Cetera Investment Advisers purchased a new position in Nuvation Bio in the second quarter valued at approximately $29,000. Captrust Financial Advisors acquired a new position in Nuvation Bio during the second quarter valued at approximately $32,000. Finally, KBC Group NV acquired a new position in Nuvation Bio during the first quarter valued at approximately $37,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

About Nuvation Bio

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.