Nuvation Bio (NYSE:NUVB) Shares Down 2.8%

Nuvation Bio Inc. (NYSE:NUVB) shares traded down 2.8% during trading on Tuesday . The stock traded as low as $3.04 and last traded at $3.07. 103,405 shares were traded during mid-day trading, a decline of 92% from the average session volume of 1,347,909 shares. The stock had previously closed at $3.16.

Wall Street Analyst Weigh In

Several research firms recently commented on NUVB. Wedbush restated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Friday, May 24th. Royal Bank of Canada increased their price target on shares of Nuvation Bio from $4.00 to $5.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th. Jefferies Financial Group raised shares of Nuvation Bio from a “hold” rating to a “buy” rating and upped their target price for the stock from $1.40 to $10.00 in a research report on Wednesday, March 27th. HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Nuvation Bio in a report on Monday, June 3rd. Finally, BTIG Research raised shares of Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research report on Tuesday, March 26th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $6.60.

Nuvation Bio Price Performance

The business has a 50-day simple moving average of $3.04 and a 200-day simple moving average of $2.42. The firm has a market capitalization of $736.57 million, a PE ratio of -9.58 and a beta of 1.40.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. On average, research analysts expect that Nuvation Bio Inc. will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Kim D. Blickenstaff purchased 172,189 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were bought at an average cost of $2.90 per share, with a total value of $499,348.10. Following the transaction, the director now owns 172,189 shares of the company’s stock, valued at $499,348.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Kim D. Blickenstaff purchased 172,189 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was purchased at an average price of $2.90 per share, with a total value of $499,348.10. Following the completion of the acquisition, the director now owns 172,189 shares in the company, valued at $499,348.10. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Xiangmin Cui acquired 336,874 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was acquired at an average price of $2.98 per share, for a total transaction of $1,003,884.52. Following the completion of the acquisition, the director now directly owns 2,175,236 shares of the company’s stock, valued at approximately $6,482,203.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 596,778 shares of company stock valued at $1,765,500. 36.09% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nuvation Bio

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC grew its holdings in Nuvation Bio by 56.1% during the 3rd quarter. Hsbc Holdings PLC now owns 174,827 shares of the company’s stock worth $238,000 after acquiring an additional 62,844 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Nuvation Bio by 258.9% in the third quarter. Acadian Asset Management LLC now owns 113,717 shares of the company’s stock valued at $150,000 after buying an additional 82,031 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Nuvation Bio by 69.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 276,174 shares of the company’s stock valued at $370,000 after buying an additional 112,891 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in Nuvation Bio by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 107,843 shares of the company’s stock worth $163,000 after buying an additional 27,346 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Nuvation Bio by 219.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 738,831 shares of the company’s stock worth $1,116,000 after acquiring an additional 507,452 shares in the last quarter. 61.67% of the stock is owned by institutional investors and hedge funds.

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.