Nuvation Bio (NYSE:NUVB) Reaches New 52-Week High – Still a Buy?

Shares of Nuvation Bio Inc. (NYSE:NUVB) hit a new 52-week high during trading on Thursday . The company traded as high as $9.01 and last traded at $9.0450, with a volume of 3975130 shares traded. The stock had previously closed at $8.52.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on NUVB shares. Jefferies Financial Group started coverage on Nuvation Bio in a report on Tuesday, September 30th. They set a “buy” rating and a $10.00 price objective on the stock. JMP Securities set a $10.00 target price on Nuvation Bio in a research report on Thursday, November 20th. Truist Financial set a $11.00 price target on shares of Nuvation Bio in a research note on Monday, November 24th. B. Riley began coverage on shares of Nuvation Bio in a research note on Wednesday, November 19th. They issued a “buy” rating and a $12.00 price objective for the company. Finally, Citizens Jmp raised their price objective on shares of Nuvation Bio from $8.00 to $10.00 and gave the stock a “market outperform” rating in a report on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $10.56.

Nuvation Bio Trading Up 5.8%

The firm has a market cap of $3.09 billion, a P/E ratio of -14.08 and a beta of 1.58. The company has a current ratio of 8.48, a quick ratio of 8.39 and a debt-to-equity ratio of 0.14. The company’s fifty day moving average price is $5.98 and its two-hundred day moving average price is $3.81.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.01. The firm 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 813.07% and a negative return on equity of 54.99%. As a group, sell-side analysts predict that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity at Nuvation Bio

In related news, insider Gary Hattersley sold 100,000 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $5.02, for a total transaction of $502,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Dongfang Liu sold 150,000 shares of Nuvation Bio stock in a transaction on Monday, December 1st. The shares were sold at an average price of $7.82, for a total value of $1,173,000.00. Following the completion of the transaction, the insider owned 18,000 shares of the company’s stock, valued at approximately $140,760. The trade was a 89.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 320,000 shares of company stock worth $2,050,800 over the last three months. 29.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nuvation Bio

Several large investors have recently made changes to their positions in NUVB. Geode Capital Management LLC increased its position in Nuvation Bio by 16.8% in the second quarter. Geode Capital Management LLC now owns 5,994,798 shares of the company’s stock worth $11,691,000 after purchasing an additional 864,194 shares during the period. MPM Bioimpact LLC boosted its stake in shares of Nuvation Bio by 11.7% in the 1st quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company’s stock valued at $8,188,000 after purchasing an additional 488,065 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Nuvation Bio by 52.4% in the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock valued at $6,642,000 after purchasing an additional 1,298,131 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Nuvation Bio by 19.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,321,249 shares of the company’s stock worth $12,276,000 after buying an additional 551,508 shares during the period. Finally, Aisling Capital Management LP raised its stake in shares of Nuvation Bio by 16.5% during the third quarter. Aisling Capital Management LP now owns 2,960,659 shares of the company’s stock worth $10,954,000 after buying an additional 419,650 shares during 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.