Nuvation Bio Inc. (NYSE:NUVB – Get Free Report)’s stock price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $6.46, but opened at $5.62. Nuvation Bio shares last traded at $5.9090, with a volume of 2,122,337 shares changing hands.
Specifically, CFO Philippe Sauvage sold 47,668 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $6.01, for a total transaction of $286,484.68. Following the completion of the transaction, the chief financial officer owned 12,673 shares of the company’s stock, valued at approximately $76,164.73. This trade represents a 79.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kerry Wentworth sold 63,000 shares of Nuvation Bio stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $6.02, for a total transaction of $379,260.00. Following the completion of the sale, the insider owned 53,000 shares of the company’s stock, valued at $319,060. This trade represents a 54.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Nuvation Bio news, insider Stacy Markel sold 125,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total value of $753,750.00. Following the sale, the insider owned 32,591 shares of the company’s stock, valued at $196,523.73. The trade was a 79.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Wall Street Analyst Weigh In
Several research analysts have recently commented on NUVB shares. UBS Group lowered their price target on Nuvation Bio from $10.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvation Bio in a report on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Nuvation Bio in a research note on Tuesday, May 5th. Citigroup restated a “market outperform” rating on shares of Nuvation Bio in a report on Wednesday, June 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $11.00 target price on shares of Nuvation Bio in a research report on Tuesday, May 5th. Eight investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.
Nuvation Bio Trading Down 6.9%
The company has a fifty day simple moving average of $4.91 and a two-hundred day simple moving average of $5.74. The company has a current ratio of 7.44, a quick ratio of 7.24 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.09 billion, a PE ratio of -13.99 and a beta of 1.52.
Nuvation Bio (NYSE:NUVB – Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.04. Nuvation Bio had a negative return on equity of 44.10% and a negative net margin of 102.06%.The business had revenue of $83.23 million during the quarter, compared to analysts’ expectations of $66.22 million. Analysts anticipate that Nuvation Bio Inc. will post -0.39 EPS for the current year.
Institutional Trading of Nuvation Bio
Several hedge funds have recently added to or reduced their stakes in NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Nuvation Bio by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company’s stock worth $191,000 after acquiring an additional 4,608 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Nuvation Bio by 52.4% in the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock valued at $6,642,000 after purchasing an additional 1,298,131 shares in the last quarter. Envestnet Asset Management Inc. purchased a new stake in shares of Nuvation Bio during the 2nd quarter worth $92,000. Creative Planning lifted its position in shares of Nuvation Bio by 267.1% during the 2nd quarter. Creative Planning now owns 39,288 shares of the company’s stock worth $77,000 after purchasing an additional 28,585 shares during the last quarter. Finally, Cetera Investment Advisers acquired a new position in shares of Nuvation Bio during the second quarter worth $29,000. Institutional investors and hedge funds own 61.67% of the company’s stock.
About Nuvation Bio
Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.
The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.
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