Nuvation Bio (NYSE:NUVB) Stock Price Down 3.7% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB)’s share price traded down 3.7% during trading on Tuesday . The stock traded as low as $2.22 and last traded at $2.22. 1,377,413 shares were traded during trading, a decline of 38% from the average session volume of 2,217,579 shares. The stock had previously closed at $2.30.

Analyst Ratings Changes

NUVB has been the topic of a number of research analyst reports. Jones Trading assumed coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They set a “buy” rating and a $10.00 price objective on the stock. Citigroup initiated coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They set an “outperform” rating for the company. Wedbush reaffirmed an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research report on Thursday, May 15th. JMP Securities began coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued a “market outperform” rating and a $6.00 price target for the company. Finally, HC Wainwright reduced their price objective on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Five investment 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.com, the stock presently has an average rating of “Buy” and an average price target of $7.83.

Nuvation Bio Trading Down 3.7%

The stock has a 50-day moving average of $2.01 and a 200-day moving average of $2.36. The firm has a market cap of $753.68 million, a price-to-earnings ratio of -0.99 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.16). The company had revenue of $3.08 million during the quarter, compared to the consensus estimate of $0.42 million. As a group, research analysts expect that Nuvation Bio Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Transactions at Nuvation Bio

In other news, insider Dongfang Liu sold 20,000 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the sale, the insider now owns 12,000 shares in the company, valued at $30,000. The trade was a 62.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO David Hung bought 300,000 shares of the stock in a transaction on Monday, April 7th. The stock was purchased at an average cost of $1.62 per share, with a total value of $486,000.00. Following the purchase, the chief executive officer now directly owns 58,781,054 shares of the company’s stock, valued at approximately $95,225,307.48. This represents a 0.51% increase in their position. The disclosure for this purchase can be found here. 29.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. FMR LLC increased its holdings in Nuvation Bio by 54.9% in the 4th quarter. FMR LLC now owns 45,285,572 shares of the company’s stock worth $120,460,000 after purchasing an additional 16,046,701 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Nuvation Bio by 45.4% during the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock worth $41,849,000 after acquiring an additional 4,913,820 shares during the last quarter. Geode Capital Management LLC boosted its position in Nuvation Bio by 22.9% in the fourth quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company’s stock worth $13,174,000 after purchasing an additional 922,503 shares during the last quarter. MPM Bioimpact LLC increased its stake in shares of Nuvation Bio by 11.7% during the 1st quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company’s stock worth $8,188,000 after purchasing an additional 488,065 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Nuvation Bio by 52.4% in the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock worth $6,642,000 after acquiring an additional 1,298,131 shares during the last quarter. 61.67% of the stock is owned by institutional investors.

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.