Nuvation Bio (NYSE:NUVB) Stock Price Down 5.6% – Here’s Why

Nuvation Bio Inc. (NYSE:NUVB)’s share price dropped 5.6% during trading on Tuesday . The stock traded as low as $2.51 and last traded at $2.52. Approximately 323,324 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 3,057,700 shares. The stock had previously closed at $2.67.

Analysts Set New Price Targets

A number of research firms have recently weighed in on NUVB. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Nuvation Bio in a research note on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and issued a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Finally, Wedbush reiterated an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research report on Monday, January 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $7.40.

Nuvation Bio Price Performance

The business has a 50-day moving average of $2.78 and a 200 day moving average of $2.82. The company has a market capitalization of $853.20 million, a PE ratio of -1.17 and a beta of 1.47.

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

Hedge Funds Weigh In On Nuvation Bio

A number of institutional investors and hedge funds have recently made changes to their positions in NUVB. Frazier Life Sciences Management L.P. bought a new position in shares of Nuvation Bio in the 3rd quarter valued at about $2,790,000. Dimensional Fund Advisors LP raised its position in Nuvation Bio by 415.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after purchasing an additional 820,669 shares during the period. Wexford Capital LP lifted its stake in shares of Nuvation Bio by 930.2% in the 3rd quarter. Wexford Capital LP now owns 651,767 shares of the company’s stock valued at $1,493,000 after purchasing an additional 588,500 shares during the last quarter. FMR LLC boosted its holdings in shares of Nuvation Bio by 1.4% in the 3rd quarter. FMR LLC now owns 29,238,871 shares of the company’s stock worth $66,957,000 after purchasing an additional 416,932 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Nuvation Bio by 479.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock valued at $1,014,000 after purchasing an additional 366,429 shares during the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

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.