Nuvation Bio (NYSE:NUVB) Shares Down 8.3% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB)’s stock price dropped 8.3% on Wednesday . The stock traded as low as $2.94 and last traded at $2.98. Approximately 2,037,923 shares traded hands during trading, a decline of 39% from the average daily volume of 3,329,388 shares. The stock had previously closed at $3.25.

Analysts Set New Price Targets

NUVB has been the topic of several recent research reports. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of Nuvation Bio in a research report on Monday. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a report on Monday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Nuvation Bio has a consensus rating of “Buy” and a consensus price target of $7.40.

Nuvation Bio Trading Down 7.3 %

The firm’s 50-day moving average price is $2.76 and its 200 day moving average price is $2.82. The company has a market capitalization of $939.02 million, a price-to-earnings ratio of -1.29 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The firm had revenue of $0.73 million during the quarter. As a group, equities research analysts anticipate that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. bought a new position in Nuvation Bio in the second quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its stake in shares of Nuvation Bio by 913.2% in the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after buying an additional 10,000 shares during the period. Xponance Inc. bought a new position in Nuvation Bio in the 2nd quarter valued at approximately $33,000. Caxton Associates LP acquired a new stake in Nuvation Bio during the 2nd quarter worth approximately $43,000. Finally, Choreo LLC bought a new stake in Nuvation Bio during the 2nd quarter worth approximately $47,000. Institutional investors own 61.67% of the company’s stock.

Nuvation Bio Company Profile

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.