Stock Traders Buy High Volume of Nuvation Bio Put Options (NYSE:NUVB)

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

Nuvation Bio Stock Down 3.3 %

NYSE:NUVB traded down $0.07 during midday trading on Thursday, reaching $1.92. The stock had a trading volume of 934,366 shares, compared to its average volume of 2,607,708. The stock has a market cap of $648.57 million, a P/E ratio of -0.88 and a beta of 1.47. The firm has a fifty day simple moving average of $2.29 and a two-hundred day simple moving average of $2.53. Nuvation Bio has a 12-month low of $1.67 and a 12-month high of $4.16.

Wall Street Analyst Weigh In

Several research analysts have commented on NUVB shares. HC Wainwright cut their price target on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, March 10th. Jones Trading began coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price target for the company. Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Monday, March 3rd. Finally, 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 research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $8.33.

Institutional Trading of Nuvation Bio

A number of institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its stake in shares of Nuvation Bio by 40.1% during the 4th quarter. California State Teachers Retirement System now owns 200,380 shares of the company’s stock worth $533,000 after buying an additional 57,310 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Nuvation Bio in the fourth quarter valued at about $27,000. Forum Financial Management LP purchased a new stake in shares of Nuvation Bio in the fourth quarter valued at about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Nuvation Bio by 54.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 347,806 shares of the company’s stock valued at $925,000 after purchasing an additional 122,187 shares during the last quarter. Finally, Wexford Capital LP increased its stake in shares of Nuvation Bio by 45.2% during the 4th quarter. Wexford Capital LP now owns 946,219 shares of the company’s stock worth $2,517,000 after purchasing an additional 294,452 shares in the last quarter. 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.