Nuvation Bio (NYSE:NUVB) Hits New 1-Year Low - What's Next?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $1.54 and last traded at $1.60, with a volume of 614093 shares changing hands. The stock had previously closed at $1.66.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reissued an "outperform" rating and set a $10.00 price objective (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Wedbush restated an "outperform" rating and set a $5.00 price objective on shares of Nuvation Bio in a report on Thursday, March 27th. HC Wainwright decreased their target price on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a report on Monday, March 10th. Finally, Jones Trading initiated coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They issued a "buy" rating and a $10.00 target price on the stock.

Nuvation Bio Price Performance

The business has a fifty day moving average price of $2.01 and a two-hundred day moving average price of $2.39. The firm has a market cap of $679.05 million, a PE ratio of -0.92 and a beta of 1.47.

Insider Activity

In related news, CEO David Hung purchased 300,000 shares of the stock in a transaction dated Monday, April 7th. The shares were acquired at an average cost of $1.62 per share, for a total transaction of $486,000.00. Following the acquisition, the chief executive officer now directly owns 58,781,054 shares in the company, valued at approximately $95,225,307.48. The trade was a 0.51 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.07% of the stock is owned by corporate insiders.

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Institutional Trading of Nuvation Bio

Several hedge funds and other institutional investors have recently modified their holdings of NUVB. State Street Corp increased its position in Nuvation Bio by 4.8% in the 3rd quarter. State Street Corp now owns 4,166,441 shares of the company's stock worth $9,541,000 after purchasing an additional 191,031 shares during the last quarter. Wellington Management Group LLP increased its holdings in Nuvation Bio by 83.3% in the third quarter. Wellington Management Group LLP now owns 623,973 shares of the company's stock worth $1,429,000 after buying an additional 283,642 shares during the last quarter. Geode Capital Management LLC raised its position in Nuvation Bio by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company's stock valued at $9,227,000 after acquiring an additional 196,247 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Nuvation Bio by 479.1% in the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company's stock valued at $1,014,000 after acquiring an additional 366,429 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Nuvation Bio in the fourth quarter worth approximately $116,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.