Nuvation Bio (NYSE:NUVB) Shares Gap Down – What’s Next?

Nuvation Bio Inc. (NYSE:NUVB)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $2.77, but opened at $2.71. Nuvation Bio shares last traded at $2.80, with a volume of 390,986 shares traded.

Analysts Set New Price Targets

NUVB has been the subject of several research reports. HC Wainwright reduced their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada lifted their price objective on shares of Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a report on Thursday, November 7th. Finally, Wedbush restated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Stock Up 2.9 %

The business’s 50-day moving average is $2.53 and its two-hundred day moving average is $2.86. The company has a market capitalization of $959.22 million, a P/E ratio of -1.31 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The business had revenue of $0.73 million during the quarter. Analysts predict that Nuvation Bio Inc. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other news, Director Robert Mashal bought 100,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The stock was acquired at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $220,000. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NUVB. Zacks Investment Management lifted its holdings in Nuvation Bio by 21.5% during the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after purchasing an additional 6,394 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Nuvation Bio by 58.7% during the 2nd quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock valued at $76,000 after buying an additional 9,603 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Nuvation Bio by 913.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock worth $32,000 after buying an additional 10,000 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in Nuvation Bio in the 2nd quarter valued at approximately $29,000. Finally, Xponance Inc. bought a new stake in Nuvation Bio during the 2nd quarter valued at $33,000. Institutional investors own 61.67% of the company’s stock.

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.