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

Nuvation Bio Inc. (NYSE:NUVB) was down 3.8% during mid-day trading on Wednesday . The stock traded as low as $2.74 and last traded at $2.78. Approximately 548,643 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,532,596 shares. The stock had previously closed at $2.89.

Analyst Ratings Changes

Several equities analysts have issued reports on NUVB shares. HC Wainwright decreased their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Royal Bank of Canada lifted their target price on shares of Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, November 7th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Stock Down 4.2 %

The stock has a market capitalization of $932.30 million, a P/E ratio of -1.33 and a beta of 1.46. The firm’s 50 day simple moving average is $2.51 and its two-hundred day simple moving average is $2.87.

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 analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. As a group, equities research analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Activity

In other news, Director Robert Mashal purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now owns 100,000 shares in the company, valued at $220,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. purchased a new position in Nuvation Bio in the second quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its holdings in Nuvation Bio by 913.2% during the 2nd 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. bought a new stake in Nuvation Bio during the 2nd quarter worth approximately $33,000. Caxton Associates LP bought a new stake in Nuvation Bio during the 2nd quarter worth approximately $43,000. Finally, Choreo LLC bought a new stake in Nuvation Bio during the 2nd quarter worth approximately $47,000. 61.67% of the stock is currently 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.