Nuvation Bio (NYSE:NUVB) Trading Down 4.3% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB)’s stock price fell 4.3% during trading on Friday . The company traded as low as $2.20 and last traded at $2.20. 78,666 shares were traded during mid-day trading, a decline of 94% from the average session volume of 1,415,155 shares. The stock had previously closed at $2.30.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NUVB shares. HC Wainwright dropped their target price on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a report on Tuesday, August 6th. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Tuesday, October 22nd. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Nuvation Bio has an average rating of “Buy” and an average price target of $6.40.

Nuvation Bio Stock Performance

The firm has a market cap of $546.25 million, a price-to-earnings ratio of -7.13 and a beta of 1.36. The business has a fifty day moving average of $2.67 and a two-hundred day moving average of $2.93.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Monday, August 5th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The business had revenue of $1.44 million during the quarter. On average, equities research analysts forecast that Nuvation Bio Inc. will post -0.41 earnings per share for the current year.

Insider Activity at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal bought 100,000 shares of the business’s stock in a transaction on Tuesday, October 8th. The stock was bought at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the transaction, the director now owns 100,000 shares in the company, valued at approximately $220,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 36.09% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds have recently bought and sold shares of NUVB. Principal Financial Group Inc. boosted its stake in shares of Nuvation Bio by 58.7% during the second quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock valued at $76,000 after acquiring an additional 9,603 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Nuvation Bio by 913.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after purchasing an additional 10,000 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in Nuvation Bio in the 2nd quarter valued at about $29,000. Xponance Inc. acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $33,000. Finally, Caxton Associates LP purchased a new stake in shares of Nuvation Bio during the second quarter worth about $43,000. Hedge funds and other 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.