Nuvation Bio (NYSE:NUVB) Trading Down 5.6% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) shares were down 5.6% on Tuesday . The stock traded as low as $2.51 and last traded at $2.52. Approximately 323,324 shares traded hands 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 recently commented on NUVB. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Nuvation Bio in a research note on Monday, January 6th. Royal Bank of Canada restated an “outperform” rating and set a $10.00 target price (up previously from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a report on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Nuvation Bio presently has an average rating of “Buy” and a consensus price target of $7.40.

Nuvation Bio Trading Down 2.5 %

The company has a market cap of $853.20 million, a PE ratio of -1.17 and a beta of 1.47. The company’s 50 day moving average is $2.78 and its 200 day moving average is $2.82.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. Analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Institutional Investors Weigh In On Nuvation Bio

A number of institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Nuvation Bio by 479.1% during the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock valued at $1,014,000 after buying an additional 366,429 shares during the period. Geode Capital Management LLC increased its position in Nuvation Bio by 5.1% during 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. Frazier Life Sciences Management L.P. bought a new stake in shares of Nuvation Bio in the 3rd quarter valued at about $2,790,000. XTX Topco Ltd purchased a new stake in shares of Nuvation Bio in the 3rd quarter worth approximately $302,000. Finally, Zacks Investment Management boosted its stake in shares of Nuvation Bio by 21.5% during the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after purchasing an additional 6,394 shares in the last quarter. 61.67% of the stock is owned by 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.