Nuvation Bio (NYSE:NUVB) Stock Price Down 7.7% – Here’s Why

Nuvation Bio Inc. (NYSE:NUVB)’s stock price fell 7.7% during trading on Friday . The stock traded as low as $2.64 and last traded at $2.65. 1,526,541 shares changed hands during mid-day trading, an increase of 3% from the average session volume of 1,477,388 shares. The stock had previously closed at $2.87.

Analysts Set New Price Targets

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

Nuvation Bio Trading Down 8.4 %

The business has a fifty day simple moving average of $2.54 and a 200 day simple moving average of $2.91.

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

Insider Activity

In related news, Director Robert Mashal purchased 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average price of $2.20 per share, with a total value of $220,000.00. Following the acquisition, the director now owns 100,000 shares in the company, valued at approximately $220,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NUVB. Geode Capital Management LLC boosted its holdings in shares of Nuvation Bio by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after acquiring an additional 196,247 shares during the period. Frazier Life Sciences Management L.P. bought a new stake in Nuvation Bio in the 3rd quarter valued at about $2,790,000. XTX Topco Ltd acquired a new position in Nuvation Bio during the 3rd quarter valued at about $302,000. Zacks Investment Management boosted its stake in Nuvation Bio by 21.5% during the 3rd quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after purchasing an additional 6,394 shares during the period. Finally, Wellington Management Group LLP grew its position in Nuvation Bio by 83.3% in the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after purchasing an additional 283,642 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors.

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.