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

Shares of Nuvation Bio Inc. (NYSE:NUVB) gapped down before the market opened on Friday . The stock had previously closed at $2.77, but opened at $2.71. Nuvation Bio shares last traded at $2.80, with a volume of 390,986 shares traded.

Analyst Ratings Changes

NUVB has been the topic of several research reports. Royal Bank of Canada boosted their price objective on shares of Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Thursday, November 7th. Finally, HC Wainwright dropped their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, September 16th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $6.60.

Nuvation Bio Stock Up 1.8 %

The firm has a market cap of $949.12 million, a P/E ratio of -1.28 and a beta of 1.46. The business has a fifty day moving average of $2.52 and a 200 day moving average of $2.86.

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 the consensus estimate 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.

Insider Buying and Selling at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal purchased 100,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was bought at an average cost of $2.20 per share, with a total value of $220,000.00. Following the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at $220,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 5.07% of the company’s stock.

Institutional Investors Weigh In On Nuvation Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Nuvation Bio in the 2nd quarter valued at approximately $29,000. EverSource Wealth Advisors LLC raised its stake in 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 shares of Nuvation Bio during the 2nd quarter worth approximately $33,000. Caxton Associates LP acquired a new position in shares of Nuvation Bio during the 2nd quarter worth approximately $43,000. Finally, Choreo LLC acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $47,000. 61.67% of the stock is currently 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.