Nuvation Bio (NYSE:NUVB) Shares Gap Down – Here’s Why

Shares of Nuvation Bio Inc. (NYSE:NUVB) 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 trading hands.

Analysts Set New Price Targets

NUVB has been the topic of several recent analyst reports. HC Wainwright reduced their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Citigroup began coverage on shares of Nuvation Bio in a research report on Wednesday, April 23rd. They issued an “outperform” rating for the company. JMP Securities reaffirmed a “market outperform” rating and set a $6.00 price objective on shares of Nuvation Bio in a research note on Monday, June 2nd. Citizens Jmp began coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They issued a “mkt outperform” rating and a $6.00 target price for the company. Finally, Jones Trading started coverage on Nuvation Bio in a report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price target for the company. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.83.

Nuvation Bio Price Performance

The firm has a market cap of $614.17 million, a price-to-earnings ratio of -0.83 and a beta of 1.37. The business has a 50-day moving average of $2.15 and a 200-day moving average of $2.29.

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

Insider Activity

In other news, CEO David Hung bought 200,000 shares of the stock in a transaction dated Friday, April 4th. The shares were bought at an average price of $1.66 per share, for a total transaction of $332,000.00. Following the completion of the purchase, the chief executive officer now owns 58,481,054 shares in the company, valued at approximately $97,078,549.64. This trade represents a 0.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dongfang Liu sold 20,000 shares of the business’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 sale, the insider now owns 12,000 shares of the company’s stock, valued at $30,000. This trade represents a 62.50% decrease in their ownership of the stock. 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

A number of institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC acquired a new stake in Nuvation Bio in the 4th quarter worth about $27,000. Forum Financial Management LP acquired a new position in shares of Nuvation Bio during the 4th quarter worth approximately $29,000. Cerity Partners LLC bought a new position in shares of Nuvation Bio during the fourth quarter worth approximately $31,000. Firethorn Wealth Partners LLC acquired a new stake in shares of Nuvation Bio in the first quarter valued at approximately $35,000. Finally, Russell Investments Group Ltd. boosted its stake in shares of 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 buying an additional 15,791 shares during the period. Institutional investors 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.