Nuvation Bio CEO David Hung purchases $820,220 in company stock

David Hung, the President and CEO of Nuvation Bio Inc. (NYSE:NUVB), has acquired a significant amount of the company's Class A Common Stock, according to a recent SEC filing. On April 4 and April 7, Hung purchased a total of 500,000 shares, amounting to approximately $820,220. The shares were bought at prices ranging from $1.625 to $1.6636 per share, coming at a time when the stock has declined nearly 38% year-to-date. According to InvestingPro analysis, the company appears undervalued at its current market capitalization of $560.51 million.

Following these transactions, Hung's direct ownership of Nuvation Bio has increased, with a total of 58,781,054 shares now under his name. This move reflects Hung's continued confidence in the company's prospects, as he strengthens his stake in the pharmaceutical firm. While InvestingPro data shows the company holds more cash than debt and maintains strong liquidity, with current assets exceeding short-term obligations, it's worth noting that the company is currently burning through cash rapidly. Get access to 8 more key ProTips and comprehensive analysis with an InvestingPro subscription.

In other recent news, Nuvation Bio Inc. has been actively advancing its cancer drug, taletrectinib, which is under review by the FDA for treating advanced ROS1-positive non-small cell lung cancer. The FDA has set a Prescription Drug User Fee Act (PDUFA) decision date for June 23, 2025. The drug's promising trial results have led to a favorable outlook from analysts, with Jones Trading initiating coverage with a Buy rating and a price target of $10, while H.C. Wainwright also maintained a Buy rating, adjusting the target from $11 to $10. Nuvation Bio has secured up to $250 million in financing from Sagard Healthcare Partners to support the potential U.S. launch of taletrectinib and further its clinical-stage pipeline. This financial package includes $150 million in royalty interest financing, contingent upon FDA approval, and up to $100 million in senior term loans. Additionally, Nuvation Bio has launched an Expanded Access Program in the U.S. for taletrectinib, providing access to patients with serious or life-threatening ROS1-positive NSCLC who have no other treatment options. The company recently saw the departure of Dr. Jerry Wang, CEO of its subsidiary AnHeart Therapeutics, after achieving significant milestones, including the drug's approval by China's National Medical (TASE:BLWV) Products Administration. These developments underscore Nuvation Bio's strategic focus on bringing innovative cancer treatments to market.

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