Nuvation Bio (NYSE:NUVB) Shares Down 7.7% - Time to Sell?

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s stock price dropped 7.7% during mid-day trading on Friday . The company traded as low as $2.64 and last traded at $2.65. Approximately 1,526,541 shares traded hands during trading, an increase of 3% from the average daily volume of 1,477,388 shares. The stock had previously closed at $2.87.

Analyst Ratings Changes

A number of analysts recently issued reports on NUVB shares. HC Wainwright dropped their price objective on Nuvation Bio from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, September 16th. Royal Bank of Canada increased their price target 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. Finally, Wedbush reaffirmed an "outperform" rating and set a $5.00 price objective on shares of Nuvation Bio in a research note on Thursday, November 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $6.60.

Nuvation Bio Trading Down 8.4 %

The company has a market cap of $655.51 million, a P/E ratio of -1.21 and a beta of 1.35. The company's fifty day moving average is $2.54 and its 200 day moving average is $2.91.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $0.73 million during the quarter. Analysts anticipate that Nuvation Bio Inc. will post -0.4 EPS for the current year.

Insiders Place Their Bets

In other Nuvation Bio news, Director Robert Mashal bought 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 8th. The stock was bought at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares in the company, valued at $220,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 5.07% of the company's stock.

Institutional Investors Weigh In On Nuvation Bio

Several hedge funds have recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Nuvation Bio by 1.4% during the third quarter. FMR LLC now owns 29,238,871 shares of the company's stock valued at $66,957,000 after purchasing an additional 416,932 shares during the last quarter. Vanguard Group Inc. increased its position in Nuvation Bio by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company's stock valued at $27,424,000 after buying an additional 219,533 shares in the last quarter. State Street Corp raised its stake in Nuvation Bio by 4.8% during the third quarter. State Street Corp now owns 4,166,441 shares of the company's stock valued at $9,541,000 after buying an additional 191,031 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Nuvation Bio by 5.1% in the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company's stock worth $9,227,000 after acquiring an additional 196,247 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Nuvation Bio by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company's stock worth $3,192,000 after acquiring an additional 60,590 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors.

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.