Nuvation Bio (NYSE:NUVB) Stock Price Down 7.7% – Here’s Why

Shares of Nuvation Bio Inc. (NYSE:NUVB) were down 7.7% during mid-day trading on Friday . The company traded as low as $2.64 and last traded at $2.65. Approximately 1,526,541 shares changed hands during trading, an increase of 3% from the average daily volume of 1,477,388 shares. The stock had previously closed at $2.87.

Analysts Set New Price Targets

NUVB has been the topic of a number of recent analyst reports. HC Wainwright cut their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada boosted their price target on shares of Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Thursday, November 7th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $6.60.

Nuvation Bio Price Performance

The company has a fifty day simple moving average of $2.54 and a 200-day simple moving average of $2.91.

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 firm had revenue of $0.73 million during the quarter. On average, equities research analysts forecast that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Insider Buying and Selling at Nuvation Bio

In other news, Director Robert Mashal purchased 100,000 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were acquired at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at $220,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.07% of the company’s stock.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NUVB. FMR LLC lifted its holdings in shares of Nuvation Bio by 1.4% in the third quarter. FMR LLC now owns 29,238,871 shares of the company’s stock valued at $66,957,000 after purchasing an additional 416,932 shares in the last quarter. Vanguard Group Inc. boosted its position in Nuvation Bio by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company’s stock worth $27,424,000 after acquiring an additional 219,533 shares during the period. State Street Corp grew its stake in Nuvation Bio by 4.8% during the 3rd quarter. State Street Corp now owns 4,166,441 shares of the company’s stock valued at $9,541,000 after acquiring an additional 191,031 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Nuvation Bio by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after purchasing an additional 196,247 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Nuvation Bio by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company’s stock worth $3,192,000 after purchasing an additional 60,590 shares in the last quarter. Institutional investors and hedge funds 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.