Nuvation Bio (NYSE:NUVB) Stock Price Down 2.5% – What’s Next?

Nuvation Bio Inc. (NYSE:NUVB)’s share price traded down 2.5% on Friday . The stock traded as low as $2.14 and last traded at $2.16. 1,928,817 shares changed hands during trading, a decline of 1% from the average session volume of 1,947,875 shares. The stock had previously closed at $2.21.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. HC Wainwright cut their price target on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday. Royal Bank of Canada restated an “outperform” rating and issued a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Jones Trading began coverage on shares of Nuvation Bio in a research note on Wednesday. They set a “buy” rating and a $10.00 price objective on the stock. Finally, Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research report on Monday, March 3rd. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $8.33.

Nuvation Bio Stock Performance

The stock has a market cap of $718.57 million, a price-to-earnings ratio of -0.98 and a beta of 1.47. The company’s 50 day simple moving average is $2.37 and its 200 day simple moving average is $2.57.

Hedge Funds Weigh In On Nuvation Bio

Several hedge funds have recently modified their holdings of NUVB. Forum Financial Management LP bought a new position in Nuvation Bio during the fourth quarter valued at about $29,000. Cerity Partners LLC bought a new position in shares of Nuvation Bio during the 4th quarter valued at about $31,000. Russell Investments Group Ltd. boosted its position in shares of Nuvation Bio by 15,183.7% during the 4th quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock valued at $42,000 after purchasing an additional 15,791 shares in the last quarter. Abacus Planning Group Inc. acquired a new position in shares of Nuvation Bio in the 4th quarter worth approximately $44,000. Finally, Cibc World Markets Corp bought a new stake in shares of Nuvation Bio in the 4th quarter worth approximately $45,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.