Nuvation Bio (NYSE:NUVB) Trading Down 8.3% - Here's Why

Shares of Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) dropped 8.3% during trading on Wednesday . The stock traded as low as $2.94 and last traded at $2.98. Approximately 2,037,923 shares changed hands during trading, a decline of 39% from the average daily volume of 3,329,388 shares. The stock had previously closed at $3.25.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on NUVB. HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of Nuvation Bio in a research note on Monday. Wedbush reissued an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Monday. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $7.40.

Nuvation Bio Trading Down 7.7 %

The firm's 50 day moving average price is $2.74 and its 200-day moving average price is $2.82. The company has a market cap of $1.01 billion, a P/E ratio of -1.38 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The business had revenue of $0.73 million for the quarter. Analysts predict that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Institutional Trading of Nuvation Bio

A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC increased its stake in Nuvation Bio by 1.4% in 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 in the last quarter. State Street Corp increased its position in shares of Nuvation Bio by 4.8% in the 3rd 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 in the last quarter. Geode Capital Management LLC raised 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 buying an additional 196,247 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Nuvation Bio by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company's stock worth $3,192,000 after buying an additional 60,590 shares during the period. Finally, Frazier Life Sciences Management L.P. acquired a new position in Nuvation Bio in the third quarter valued at about $2,790,000. 61.67% of the stock is 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.