Nuvation Bio (NYSE:NUVB) Shares Gap Down After Analyst Downgrade

Nuvation Bio Inc. (NYSE:NUVB)’s share price gapped down prior to trading on Monday after HC Wainwright lowered their price target on the stock from $11.00 to $10.00. The stock had previously closed at $2.02, but opened at $1.80. HC Wainwright currently has a buy rating on the stock. Nuvation Bio shares last traded at $1.90, with a volume of 803,621 shares.

NUVB has been the subject of several other reports. Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Monday, March 3rd. Royal Bank of Canada restated an “outperform” rating and set a $10.00 target price (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $8.00.

Institutional Trading of Nuvation Bio

A number of hedge funds have recently added to or reduced their stakes in the stock. Forum Financial Management LP purchased a new stake in shares of Nuvation Bio during the fourth quarter worth approximately $29,000. Cerity Partners LLC purchased a new position in Nuvation Bio during the 4th quarter worth $31,000. Russell Investments Group Ltd. lifted its stake in shares of Nuvation Bio by 15,183.7% in the 4th quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock worth $42,000 after acquiring an additional 15,791 shares during the period. Abacus Planning Group Inc. purchased a new stake in shares of Nuvation Bio in the fourth quarter valued at about $44,000. Finally, Cibc World Markets Corp acquired a new position in shares of Nuvation Bio during the fourth quarter worth about $45,000. 61.67% of the stock is owned by institutional investors and hedge funds.

Nuvation Bio Stock Down 7.2 %

The stock has a market capitalization of $631.06 million, a PE ratio of -0.86 and a beta of 1.47. The firm’s fifty day moving average is $2.41 and its 200-day moving average is $2.58.

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.