Nuvation Bio (NYSE:NUVB) Stock Price Down 4.3% – Here’s Why

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on NUVB shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Tuesday, August 6th. HC Wainwright lowered their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a report on Tuesday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $6.40.

Nuvation Bio Stock Down 0.9 %

The business’s 50-day simple moving average is $2.68 and its two-hundred day simple moving average is $2.94. The stock has a market cap of $568.27 million, a P/E ratio of -1.04 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB) last released its quarterly 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 firm had revenue of $1.44 million for the quarter. Analysts anticipate that Nuvation Bio Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Activity at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal acquired 100,000 shares of the stock in a transaction dated Tuesday, October 8th. The stock was purchased at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the acquisition, the director now owns 100,000 shares in the company, valued at $220,000. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 5.07% of the stock is currently owned by insiders.

Institutional Trading of Nuvation Bio

Hedge funds have recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new position in Nuvation Bio during the first quarter valued at $79,000. Pinnacle Wealth Planning Services Inc. purchased a new stake in Nuvation Bio in the first quarter worth about $105,000. Vanguard Group Inc. increased its stake in shares of Nuvation Bio by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock valued at $27,424,000 after purchasing an additional 219,533 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Nuvation Bio by 81.9% in the 1st quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock worth $4,273,000 after purchasing an additional 528,660 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Nuvation Bio by 551.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock worth $4,932,000 after purchasing an additional 1,146,794 shares in the last quarter. 61.67% of the stock is owned by institutional investors.

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.