Nuvation Bio (NYSE:NUVB) Shares Down 3.8% – Should You Sell?

Nuvation Bio Inc. (NYSE:NUVB)’s stock price fell 3.8% during mid-day trading on Wednesday . The company traded as low as $2.74 and last traded at $2.78. 548,643 shares were traded during mid-day trading, a decline of 64% from the average session volume of 1,532,596 shares. The stock had previously closed at $2.89.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NUVB shares. HC Wainwright lowered their target price on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Wedbush reissued an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Thursday, November 7th. Finally, Royal Bank of Canada boosted their target price on shares of Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Nuvation Bio has a consensus rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Price Performance

The firm has a market cap of $932.29 million, a P/E ratio of -1.28 and a beta of 1.46. The stock’s 50-day simple moving average is $2.52 and its two-hundred day simple moving average is $2.86.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $0.73 million for the quarter. As a group, sell-side analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robert Mashal bought 100,000 shares of the company’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $220,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.07% of the stock is owned by corporate insiders.

Institutional Trading of Nuvation Bio

A number of large investors have recently modified their holdings of NUVB. Geode Capital Management LLC increased its holdings in Nuvation Bio by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock worth $9,227,000 after purchasing an additional 196,247 shares during the period. Frazier Life Sciences Management L.P. bought a new position in shares of Nuvation Bio during the 3rd quarter worth $2,790,000. XTX Topco Ltd purchased a new position in shares of Nuvation Bio during the third quarter valued at $302,000. Zacks Investment Management raised its holdings in shares of Nuvation Bio by 21.5% in the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after acquiring an additional 6,394 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Nuvation Bio by 83.3% in the third quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after acquiring an additional 283,642 shares during the period. Hedge funds and other 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.