Nuvation Bio (NYSE:NUVB) Shares Down 2.5% – Time to Sell?

Nuvation Bio Inc. (NYSE:NUVB) was down 2.5% during mid-day trading on Friday . The company traded as low as $2.14 and last traded at $2.16. Approximately 1,928,817 shares traded hands during trading, a decline of 1% from the average daily volume of 1,947,875 shares. The stock had previously closed at $2.21.

Analyst Upgrades and Downgrades

Several research firms have commented on NUVB. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Monday, March 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 target price (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Jones Trading began coverage on Nuvation Bio in a research note on Wednesday. They issued a “buy” rating and a $10.00 price target on the stock. Finally, HC Wainwright lowered their price target on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $8.33.

Nuvation Bio Stock Down 3.4 %

The stock has a fifty day moving average of $2.37 and a two-hundred day moving average of $2.57. The stock has a market cap of $718.57 million, a price-to-earnings ratio of -0.98 and a beta of 1.47.

Institutional Trading of Nuvation Bio

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GSA Capital Partners LLP purchased a new stake in Nuvation Bio during the third quarter worth approximately $172,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Nuvation Bio by 9.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 396,736 shares of the company’s stock valued at $909,000 after acquiring an additional 32,811 shares in the last quarter. Intech Investment Management LLC purchased a new stake in Nuvation Bio during the 3rd quarter worth $132,000. Charles Schwab Investment Management Inc. increased its holdings in Nuvation Bio by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company’s stock valued at $3,192,000 after purchasing an additional 60,590 shares in the last quarter. Finally, Meridian Wealth Management LLC raised its position in Nuvation Bio by 47.0% in the third quarter. Meridian Wealth Management LLC now owns 82,840 shares of the company’s stock valued at $190,000 after purchasing an additional 26,495 shares during the period. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.