Nuvation Bio Sees Unusually Large Options Volume (NYSE:NUVB)

Nuvation Bio Inc. (NYSE:NUVB) was the target of some unusual options trading on Thursday. Traders bought 7,110 put options on the company. This is an increase of approximately 7,800% compared to the average volume of 90 put options.

Institutional Investors Weigh In On Nuvation Bio

Several institutional investors and hedge funds have recently added to or reduced their stakes in NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Nuvation Bio by 5.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,939 shares of the company’s stock valued at $276,000 after buying an additional 5,693 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Nuvation Bio by 0.5% during the 4th quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company’s stock valued at $3,062,000 after acquiring an additional 5,925 shares in the last quarter. Zacks Investment Management boosted its position in Nuvation Bio by 21.5% during the 3rd quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock worth $83,000 after purchasing an additional 6,394 shares during the period. LPL Financial LLC increased its holdings in Nuvation Bio by 27.0% in the 4th quarter. LPL Financial LLC now owns 31,348 shares of the company’s stock valued at $83,000 after purchasing an additional 6,673 shares in the last quarter. Finally, Invesco Ltd. raised its position in Nuvation Bio by 2.3% in the fourth quarter. Invesco Ltd. now owns 330,388 shares of the company’s stock valued at $879,000 after purchasing an additional 7,344 shares during the period. 61.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. HC Wainwright cut their target price on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Royal Bank of Canada reissued an “outperform” rating and set a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Wedbush restated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Monday, March 3rd. Finally, Jones Trading assumed coverage on Nuvation Bio in a report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price target for the company. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Nuvation Bio currently has an average rating of “Buy” and an average target price of $8.33.

Nuvation Bio Stock Down 3.3 %

Shares of NYSE NUVB traded down $0.07 during trading on Thursday, hitting $1.92. 934,366 shares of the company traded hands, compared to its average volume of 2,607,708. The firm has a market capitalization of $648.57 million, a P/E ratio of -0.88 and a beta of 1.47. The company has a 50-day moving average price of $2.29 and a 200-day moving average price of $2.53. Nuvation Bio has a 1 year low of $1.67 and a 1 year high of $4.16.

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.