Stock Traders Purchase Large Volume of Nuvation Bio Put Options (NYSE:NUVB)

Nuvation Bio Inc. (NYSE:NUVB) saw some unusual options trading on Thursday. Investors purchased 7,110 put options on the company. This represents an increase of 7,800% compared to the average daily volume of 90 put options.

Institutional Trading of Nuvation Bio

Several hedge funds have recently modified their holdings of NUVB. FMR LLC raised its holdings in shares of Nuvation Bio by 54.9% during the 4th quarter. FMR LLC now owns 45,285,572 shares of the company’s stock worth $120,460,000 after acquiring an additional 16,046,701 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Nuvation Bio by 45.4% during the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock worth $41,849,000 after acquiring an additional 4,913,820 shares in the last quarter. MPM Bioimpact LLC purchased a new stake in shares of Nuvation Bio during the 4th quarter worth approximately $11,077,000. Frazier Life Sciences Management L.P. purchased a new stake in shares of Nuvation Bio during the 3rd quarter worth approximately $2,790,000. Finally, Millennium Management LLC raised its holdings in shares of Nuvation Bio by 82.7% during the 4th quarter. Millennium Management LLC now owns 2,475,872 shares of the company’s stock worth $6,586,000 after acquiring an additional 1,120,874 shares in the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $10.00 price objective (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Jones Trading assumed coverage on Nuvation Bio in a research note on Wednesday, March 12th. They set a “buy” rating and a $10.00 price objective for the company. Wedbush reiterated an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research note on Monday, March 3rd. 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 note on Monday, March 10th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $8.33.

Nuvation Bio Trading Down 3.3 %

NYSE NUVB opened at $1.90 on Friday. The stock has a market cap of $641.80 million, a PE ratio of -0.87 and a beta of 1.47. Nuvation Bio has a 12 month low of $1.67 and a 12 month high of $4.16. The stock’s 50 day moving average is $2.26 and its 200 day moving average is $2.52.

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.