Nuvation Bio (NYSE:NUVB) Shares Gap Down After Analyst Downgrade

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares gapped down prior to trading on Monday after HC Wainwright lowered their price target on the stock from $11.00 to $10.00. The stock had previously closed at $2.02, but opened at $1.80. HC Wainwright currently has a buy rating on the stock. Nuvation Bio shares last traded at $1.90, with a volume of 803,621 shares traded.

Several other equities research analysts have also recently weighed in on NUVB. Royal Bank of Canada restated an "outperform" rating and issued a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Wedbush reissued an "outperform" rating and issued a $5.00 price target on shares of Nuvation Bio in a report on Monday, March 3rd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $8.33.

Institutional Investors Weigh In On Nuvation Bio

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in Nuvation Bio by 4.8% during the third quarter. State Street Corp now owns 4,166,441 shares of the company's stock worth $9,541,000 after buying an additional 191,031 shares during the last quarter. Wellington Management Group LLP boosted its stake in Nuvation Bio by 83.3% during the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company's stock worth $1,429,000 after acquiring an additional 283,642 shares during the last quarter. Geode Capital Management LLC boosted its stake in Nuvation Bio by 5.1% during the 3rd 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 during the last quarter. JPMorgan Chase & Co. grew its holdings in Nuvation Bio by 479.1% during the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company's stock valued at $1,014,000 after purchasing an additional 366,429 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in Nuvation Bio in the third quarter valued at approximately $634,000. 61.67% of the stock is owned by institutional investors and hedge funds.

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Nuvation Bio Stock Down 1.1 %

The company's fifty day simple moving average is $2.38 and its two-hundred day simple moving average is $2.57. The company has a market capitalization of $745.50 million, a price-to-earnings ratio of -1.02 and a beta of 1.47.

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.