Nuvation Bio Inc. (NYSE:NUVB) Short Interest Up 14.3% in January

Nuvation Bio Inc. (NYSE:NUVB) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 25,210,000 shares, a growth of 14.3% from the January 15th total of 22,050,000 shares. Approximately 11.0% of the company’s shares are short sold. Based on an average daily trading volume, of 2,590,000 shares, the short-interest ratio is presently 9.7 days.

Analysts Set New Price Targets

Several research analysts recently weighed in on NUVB shares. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research report on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and issued a $10.00 price objective (up from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Finally, HC Wainwright boosted their target price on Nuvation Bio from $10.00 to $11.00 and gave the stock a “buy” rating in a report on Thursday, January 23rd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio has an average rating of “Buy” and an average target price of $8.20.

Nuvation Bio Price Performance

NYSE NUVB traded down $0.02 during trading hours on Friday, hitting $2.28. The company had a trading volume of 1,205,075 shares, compared to its average volume of 2,371,635. The firm’s 50 day moving average is $2.61 and its 200 day moving average is $2.67. Nuvation Bio has a fifty-two week low of $1.67 and a fifty-two week high of $4.16. The company has a market capitalization of $765.70 million, a price-to-earnings ratio of -1.05 and a beta of 1.45.

Institutional Investors Weigh In On Nuvation Bio

Several institutional investors and hedge funds have recently modified their holdings of NUVB. Forum Financial Management LP acquired a new position in Nuvation Bio during the 4th quarter worth approximately $29,000. Cerity Partners LLC acquired a new position in shares of Nuvation Bio during the fourth quarter worth $31,000. Russell Investments Group Ltd. boosted its stake in shares of 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 purchasing an additional 15,791 shares during the period. Abacus Planning Group Inc. acquired a new stake in Nuvation Bio during the 4th quarter valued at $44,000. Finally, Cibc World Markets Corp purchased a new stake in Nuvation Bio during the 4th quarter worth $45,000. 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.