Nuvation Bio (NYSE:NUVB) Trading Down 3.8% – Here’s Why

Nuvation Bio Inc. (NYSE:NUVB)’s share price was down 3.8% during mid-day trading on Friday . The stock traded as low as $2.66 and last traded at $2.67. Approximately 275,929 shares changed hands during trading, a decline of 91% from the average daily volume of 3,110,353 shares. The stock had previously closed at $2.77.

Analyst Ratings Changes

NUVB has been the subject of a number of research reports. HC Wainwright increased their target price on Nuvation Bio from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Monday, January 6th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $8.20.

Nuvation Bio Trading Down 7.4 %

The company has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $2.80. The company has a market cap of $863.30 million, a PE ratio of -1.19 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $0.73 million during the quarter. On average, research analysts anticipate that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds and other institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. acquired a new stake in Nuvation Bio during the 2nd quarter valued at $29,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Nuvation Bio by 913.2% during the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after acquiring an additional 10,000 shares during the period. Xponance Inc. bought a new stake in shares of Nuvation Bio during the second quarter valued at approximately $33,000. Caxton Associates LP acquired a new position in shares of Nuvation Bio during the second quarter valued at $43,000. Finally, Profund Advisors LLC acquired a new position in shares of Nuvation Bio during the second quarter valued at approximately $63,000. 61.67% of the stock is owned by institutional investors and hedge funds.

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.