Nuvation Bio (NYSE:NUVB) Trading 5.4% Higher – Should You Buy?

Nuvation Bio Inc. (NYSE:NUVB) was up 5.4% during trading on Wednesday . The stock traded as high as $1.83 and last traded at $1.85. Approximately 459,894 shares changed hands during trading, a decline of 76% from the average daily volume of 1,943,259 shares. The stock had previously closed at $1.75.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on NUVB shares. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Thursday, March 27th. 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 began coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They set a “buy” rating and a $10.00 price target on the stock. Finally, HC Wainwright cut their price objective on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 10th.

Nuvation Bio Stock Performance

The company has a 50 day moving average of $2.16 and a 200-day moving average of $2.46. The stock has a market cap of $592.69 million, a price-to-earnings ratio of -0.81 and a beta of 1.47.

Hedge Funds Weigh In On Nuvation Bio

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