Nuvation Bio (NYSE:NUVB) Shares Gap Down – Time to Sell?

Nuvation Bio Inc. (NYSE:NUVB)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $1.73, but opened at $1.66. Nuvation Bio shares last traded at $1.79, with a volume of 3,097,573 shares traded.

Wall Street Analysts Forecast Growth

NUVB has been the topic of a number of recent research reports. HC Wainwright cut their price target on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, March 10th. JMP Securities reiterated a “market outperform” rating and issued a $6.00 target price on shares of Nuvation Bio in a research note on Monday, June 2nd. Citizens Jmp started coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They issued a “mkt outperform” rating and a $6.00 target price on the stock. Wedbush restated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Wednesday, June 11th. Finally, Citigroup assumed coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.83.

Nuvation Bio Stock Performance

The company has a 50-day moving average of $2.15 and a 200 day moving average of $2.29. The firm has a market cap of $614.17 million, a P/E ratio of -0.83 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.16). The company had revenue of $3.08 million for the quarter, compared to the consensus estimate of $0.42 million. Sell-side analysts anticipate that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO David Hung acquired 200,000 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was purchased at an average cost of $1.66 per share, for a total transaction of $332,000.00. Following the completion of the transaction, the chief executive officer now directly owns 58,481,054 shares in the company, valued at $97,078,549.64. This trade represents a 0.34% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Dongfang Liu sold 20,000 shares of the firm’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the transaction, the insider now directly owns 12,000 shares in the company, valued at $30,000. This trade represents a 62.50% decrease in their position. The disclosure for this sale can be found here. Insiders own 29.93% of the company’s stock.

Institutional Investors Weigh In On Nuvation Bio

Several institutional investors have recently modified their holdings of NUVB. Wealth Enhancement Advisory Services LLC bought a new position in Nuvation Bio in the fourth quarter valued at approximately $27,000. Forum Financial Management LP bought a new position in shares of Nuvation Bio in the 4th quarter worth $29,000. Cerity Partners LLC bought a new position in shares of Nuvation Bio in the 4th quarter worth $31,000. Firethorn Wealth Partners LLC acquired a new stake in shares of Nuvation Bio during the first quarter worth $35,000. Finally, Russell Investments Group Ltd. increased its holdings in Nuvation Bio by 15,183.7% in the fourth 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 during the last quarter. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.