Nuvation Bio (NYSE:NUVB) Stock Price Down 2.5% - What's Next?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s stock price fell 2.5% on Friday . The stock traded as low as $2.14 and last traded at $2.16. 1,928,817 shares traded hands during mid-day trading, a decline of 1% from the average session volume of 1,947,875 shares. The stock had previously closed at $2.21.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on NUVB. Jones Trading began coverage on Nuvation Bio in a research note on Wednesday, March 12th. They issued a "buy" rating and a $10.00 price objective on the stock. HC Wainwright cut their price target on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Wedbush reissued an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Monday, March 3rd. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $8.33.

Nuvation Bio Price Performance

The company has a market capitalization of $668.89 million, a P/E ratio of -0.91 and a beta of 1.47. The stock has a 50-day moving average price of $2.34 and a 200-day moving average price of $2.54.

Hedge Funds Weigh In On Nuvation Bio

Hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC bought a new position in shares of Nuvation Bio during the fourth quarter worth about $27,000. Forum Financial Management LP bought a new stake in Nuvation Bio in the fourth quarter worth approximately $29,000. Cerity Partners LLC bought a new stake in Nuvation Bio in the fourth quarter worth approximately $31,000. Russell Investments Group Ltd. increased its holdings in Nuvation Bio by 15,183.7% in the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company's stock worth $42,000 after purchasing an additional 15,791 shares in the last quarter. Finally, Abacus Planning Group Inc. bought a new stake in Nuvation Bio in the fourth quarter worth approximately $44,000. 61.67% of the stock is currently owned by institutional investors.

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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.