Nuvation Bio Inc. (NYSE:NUVB) Sees 14.3% Increase in Short Interest

Nuvation Bio Inc. (NYSE:NUVB) experienced a significant rise in short interest throughout January. By January 31st, the total short interest had reached 25,210,000 shares, marking an increase of 14.3% from the previous total of 22,050,000 shares reported on January 15th. Currently, around 11.0% of the company's total shares are short sold. Given the average daily trading volume of approximately 2,590,000 shares, the days-to-cover ratio stands at 9.7 days.

Analysts Set New Price Targets

In recent assessments, several research analysts have provided insights on Nuvation Bio's stock. Wedbush maintained an "outperform" rating and set a target price of $5.00 for Nuvation Bio shares in a report dated January 6th. The Royal Bank of Canada also reiterated its "outperform" rating, raising its price objective from $6.00 to $10.00 on January 7th. Moreover, HC Wainwright revised their target price up from $10.00 to $11.00 while issuing a "buy" rating on January 23rd. According to data from MarketBeat, five investment analysts recommend a buy rating for the stock, with an average target price of $8.20.

Price Performance of Nuvation Bio

During trading on Friday, NYSE NUVB fell by $0.02, bringing its price to $2.28. There was a trading volume of 1,205,075 shares, which is lower than its average volume of 2,371,635. The 50-day moving average is currently $2.61, while the 200-day average stands at $2.67. Nuvation Bio has seen a fifty-two week low of $1.67 and a high of $4.16. The company's market capitalization is approximately $765.70 million, with a price-to-earnings ratio of -1.05 and a beta of 1.45.

Institutional Investors Update Holdings

Several institutional investors and hedge funds have recently adjusted their positions in Nuvation Bio. Forum Financial Management LP made a new acquisition during the fourth quarter, valued at around $29,000. Cerity Partners LLC also took a new position worth $31,000. Russell Investments Group Ltd. significantly increased its stake by 15,183.7% in the fourth quarter, now holding 15,895 shares, valued at $42,000. Additionally, Abacus Planning Group Inc. and Cibc World Markets Corp. each made new investments worth $44,000 and $45,000, respectively. Collectively, institutional investors own about 61.67% of Nuvation Bio's stock.

About Nuvation Bio

Nuvation Bio Inc. is a clinical-stage biopharmaceutical company focused on developing therapeutic candidates for oncology. Its leading product candidate, NUV-868, is a BD2 selective oral small molecule BET inhibitor that epigenetically regulates proteins controlling tumor growth and differentiation, including oncogenes such as c-myc. Other products in development include NUV-1156, an AR binder for treating advanced-stage prostate cancers, and NUV-1176, a PARP inhibitor targeting ER+ breast and ovarian cancer, as well as a drug-drug conjugate platform aimed at delivering anti-cancer therapies directly to cancer cells.

Nuvation, Bio, Stocks