Nuvation Bio (NYSE:NUVB) Trading Down 3.8% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) shares fell 3.8% during mid-day trading on Friday . The stock traded as low as $2.66 and last traded at $2.67. 275,929 shares were traded during mid-day trading, a decline of 91% from the average session volume of 3,110,353 shares. The stock had previously closed at $2.77.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NUVB shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $10.00 price objective (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research report on Monday, January 6th. Finally, HC Wainwright upped their price objective on Nuvation Bio from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Thursday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $8.20.

Nuvation Bio Stock Down 7.4 %

The firm has a market capitalization of $863.30 million, a P/E ratio of -1.19 and a beta of 1.47. The firm has a 50 day moving average of $2.74 and a 200-day moving average of $2.80.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data 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 company had revenue of $0.73 million for the quarter. As a group, research analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Hedge Funds Weigh In On Nuvation Bio

Several large investors have recently bought and sold shares of NUVB. JPMorgan Chase & Co. raised its holdings in Nuvation Bio by 479.1% in the 3rd 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 last quarter. Geode Capital Management LLC grew its stake in shares of Nuvation Bio by 5.1% in the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock worth $9,227,000 after purchasing an additional 196,247 shares during the last quarter. Frazier Life Sciences Management L.P. acquired a new stake in Nuvation Bio in the third quarter valued at $2,790,000. XTX Topco Ltd acquired a new stake in shares of Nuvation Bio in the third quarter valued at about $302,000. Finally, Zacks Investment Management boosted its holdings in Nuvation Bio by 21.5% in the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after acquiring an additional 6,394 shares during the last quarter. 61.67% of the stock is currently 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.