Nuvation Bio (NYSE:NUVB) Trading Down 3.7% – What’s Next?

Shares of Nuvation Bio Inc. (NYSE:NUVB) were down 3.7% during mid-day trading on Tuesday . The stock traded as low as $2.22 and last traded at $2.22. Approximately 1,377,413 shares traded hands during trading, a decline of 38% from the average daily volume of 2,217,579 shares. The stock had previously closed at $2.30.

Analyst Upgrades and Downgrades

NUVB has been the subject of a number of recent analyst reports. JMP Securities began coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They set a “market outperform” rating and a $6.00 price target for the company. Citigroup assumed coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They issued an “outperform” rating on the stock. Wedbush reiterated an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research report on Thursday, May 15th. Jones Trading started coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They set a “buy” rating and a $10.00 target price on the stock. Finally, Citizens Jmp began coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They issued a “mkt outperform” rating and a $6.00 price target on the stock. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Nuvation Bio has a consensus rating of “Buy” and a consensus price target of $7.83.

Nuvation Bio Trading Down 3.7%

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

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). The business had revenue of $3.08 million for the quarter, compared to the consensus estimate of $0.42 million. On average, equities analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Nuvation Bio by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company’s stock valued at $191,000 after buying an additional 4,608 shares during the period. Two Sigma Investments LP lifted its stake in Nuvation Bio by 0.5% in the 4th quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company’s stock valued at $3,062,000 after buying an additional 5,925 shares in the last quarter. Exchange Traded Concepts LLC boosted its stake in Nuvation Bio by 11.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 60,951 shares of the company’s stock worth $107,000 after buying an additional 6,403 shares during the last quarter. Pale Fire Capital SE increased its stake in Nuvation Bio by 17.0% during the first quarter. Pale Fire Capital SE now owns 45,642 shares of the company’s stock worth $80,000 after acquiring an additional 6,642 shares during the last quarter. Finally, LPL Financial LLC grew its stake in shares of Nuvation Bio by 27.0% in the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company’s stock valued at $83,000 after buying an additional 6,673 shares in 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.