Nuvation Bio (NYSE:NUVB) Stock Price Down 8.3% – Here’s Why

Nuvation Bio Inc. (NYSE:NUVB) was down 8.3% on Wednesday . The stock traded as low as $2.94 and last traded at $2.98. Approximately 2,037,923 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 3,329,388 shares. The stock had previously closed at $3.25.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday. Wedbush restated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Monday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of Nuvation Bio in a research report on Monday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $7.40.

Nuvation Bio Stock Down 7.7 %

The business has a 50-day simple moving average of $2.72 and a two-hundred day simple moving average of $2.82. The stock has a market capitalization of $1.01 billion, a P/E ratio of -1.38 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last announced its earnings results 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 company had revenue of $0.73 million for the quarter. On average, sell-side analysts forecast that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Hedge Funds Weigh In On Nuvation Bio

Institutional investors and hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. acquired a new position in Nuvation Bio during the 2nd quarter worth about $29,000. EverSource Wealth Advisors LLC lifted its position 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 worth $32,000 after purchasing an additional 10,000 shares in the last quarter. 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 stake in shares of Nuvation Bio in the second quarter valued at approximately $43,000. Finally, Choreo LLC bought a new position in Nuvation Bio in the 2nd quarter worth approximately $47,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.