Nuvation Bio (NYSE:NUVB) Stock Price Down 13.4%

Nuvation Bio Inc. (NYSE:NUVB) shares fell 13.4% during trading on Monday . The company traded as low as $2.90 and last traded at $2.91. 63,654 shares changed hands during trading, a decline of 95% from the average session volume of 1,367,241 shares. The stock had previously closed at $3.36.

Analyst Ratings Changes

A number of brokerages have commented on NUVB. HC Wainwright reaffirmed a “buy” rating and set a $8.00 price target on shares of Nuvation Bio in a research report on Wednesday, July 17th. Royal Bank of Canada upped their price target on shares of Nuvation Bio from $4.00 to $5.00 and gave the company an “outperform” rating in a research report on Wednesday, April 17th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research report on Friday, May 24th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio presently has a consensus rating of “Buy” and a consensus price target of $6.60.

Nuvation Bio Stock Performance

The firm has a market cap of $778.59 million, a price-to-earnings ratio of -9.16 and a beta of 1.40. The business has a 50 day simple moving average of $3.13 and a 200-day simple moving average of $2.72.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Tuesday, May 14th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.01. As a group, research analysts anticipate that Nuvation Bio Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Xiangmin Cui purchased 87,715 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were bought at an average price of $2.99 per share, with a total value of $262,267.85. Following the acquisition, the director now owns 1,762,951 shares of the company’s stock, valued at approximately $5,271,223.49. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Kim D. Blickenstaff bought 172,189 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was bought at an average cost of $2.90 per share, for a total transaction of $499,348.10. Following the completion of the transaction, the director now owns 172,189 shares of the company’s stock, valued at $499,348.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Xiangmin Cui bought 87,715 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was bought at an average price of $2.99 per share, with a total value of $262,267.85. Following the completion of the transaction, the director now directly owns 1,762,951 shares of the company’s stock, valued at approximately $5,271,223.49. The disclosure for this purchase can be found here. Insiders have bought a total of 596,778 shares of company stock valued at $1,765,500 in the last 90 days. 36.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds and other institutional investors have recently modified their holdings of NUVB. Price T Rowe Associates Inc. MD raised its stake in Nuvation Bio by 551.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,354,632 shares of the company’s stock worth $4,932,000 after buying an additional 1,146,794 shares in the last quarter. Octagon Capital Advisors LP bought a new position in shares of Nuvation Bio during the fourth quarter valued at approximately $1,510,000. Jacobs Levy Equity Management Inc. increased its stake in shares of Nuvation Bio by 254.1% during the first quarter. Jacobs Levy Equity Management Inc. now owns 748,793 shares of the company’s stock valued at $2,726,000 after purchasing an additional 537,314 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of Nuvation Bio by 81.9% during the first quarter. Acadian Asset Management LLC now owns 1,174,464 shares of the company’s stock valued at $4,273,000 after purchasing an additional 528,660 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its stake in shares of Nuvation Bio by 198.7% during the second quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock valued at $1,850,000 after purchasing an additional 421,563 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.