Nuvation Bio (NYSE:NUVB) Shares Down 7.7% – What’s Next?

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NUVB. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Thursday, November 7th. HC Wainwright reduced 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, Royal Bank of Canada lifted their price objective 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. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $6.60.

Nuvation Bio Trading Down 10.1 %

The firm has a market cap of $643.05 million, a price-to-earnings ratio of -1.22 and a beta of 1.35. The firm’s fifty day moving average price is $2.55 and its 200-day moving average price is $2.91.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) 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, sell-side analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insiders Place Their Bets

In other Nuvation Bio news, Director Robert Mashal bought 100,000 shares of Nuvation Bio stock in a transaction dated Tuesday, October 8th. The stock was acquired at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the acquisition, the director now owns 100,000 shares of the company’s stock, valued at approximately $220,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Nuvation Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. purchased a new position in Nuvation Bio during the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC increased its stake 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 acquiring an additional 10,000 shares during the period. Xponance Inc. purchased a new position in Nuvation Bio during the second quarter worth about $33,000. Caxton Associates LP acquired a new stake in Nuvation Bio in the second quarter valued at about $43,000. Finally, Choreo LLC purchased a new stake in Nuvation Bio in the 2nd quarter valued at approximately $47,000. 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.