Nuvation Bio (NYSE:NUVB) Shares Gap Down to $10.00

Shares of Nuvation Bio Inc. (NYSE:NUVB) gapped down prior to trading on Thursday . The stock had previously closed at $10.00, but opened at $8.66. Nuvation Bio shares last traded at $8.87, with a volume of 463 shares traded.

Several equities research analysts have weighed in on the company. Royal Bank of Canada assumed coverage on Nuvation Bio in a report on Tuesday, April 6th. They issued an “outperform” rating and a $15.00 target price for the company. Zacks Investment Research cut Nuvation Bio from a “hold” rating to a “sell” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Nuvation Bio presently has an average rating of “Buy” and an average target price of $17.40.

The business’s 50 day moving average price is $9.93. The firm has a market cap of $1.90 billion and a P/E ratio of -38.57.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings results on Sunday, May 16th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.05). As a group, sell-side analysts forecast that Nuvation Bio Inc. will post -0.5 earnings per share for the current year.

Several hedge funds have recently made changes to their positions in the company. The PNC Financial Services Group Inc. acquired a new position in shares of Nuvation Bio in the first quarter valued at about $73,000. Lincoln National Corp acquired a new stake in Nuvation Bio during the first quarter worth about $105,000. Squarepoint Ops LLC acquired a new stake in Nuvation Bio during the first quarter worth about $114,000. Creative Planning acquired a new stake in Nuvation Bio during the first quarter worth about $135,000. Finally, Jane Street Group LLC acquired a new stake in Nuvation Bio during the first quarter worth about $176,000. 53.92% of the stock is currently owned by institutional investors and hedge funds.

About Nuvation Bio (NYSE:NUVB)

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-422, a small molecule inhibitor targeting CDK2, CDK4, and CDK6. It is also developing NUV-868, a selective inhibitor of the BET family of epigenetic transcriptional regulators; NUV-569, a differentiated selective inhibitor of the Wee1 kinase; NUV-1182, an adenosine receptor inhibitor; and DDC platform that focuses on targeting an inhibitor of poly ADP ribose polymerase (PARP) to androgen receptor-expressing cancer cells , as well as PARP inhibitor to ER-expressing cancer cells.

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