Nuvation Bio (NYSE:NUVB) Shares Down 5.6% – Here’s Why

Nuvation Bio Inc. (NYSE:NUVB) shares dropped 5.6% during trading on Tuesday . The stock traded as low as $2.51 and last traded at $2.52. Approximately 323,324 shares changed hands during trading, a decline of 89% from the average daily volume of 3,057,700 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on NUVB. Royal Bank of Canada restated an “outperform” rating and issued a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Wedbush restated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research report on Monday, January 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Nuvation Bio in a report on Monday, January 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $7.40.

Nuvation Bio Price Performance

The stock has a market cap of $851.51 million, a PE ratio of -1.17 and a beta of 1.47. The stock’s fifty day moving average is $2.77 and its 200-day moving average is $2.82.

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

Institutional Inflows and Outflows

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