Nuvation Bio (NYSE:NUVB) Stock Price Down 5.8% - Here's What Happened

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s stock price was down 5.8% on Thursday . The company traded as low as $2.38 and last traded at $2.42. Approximately 342,469 shares were traded during trading, a decline of 76% from the average daily volume of 1,424,127 shares. The stock had previously closed at $2.57.

Analysts Set New Price Targets

A number of analysts have weighed in on NUVB shares. Wedbush reissued an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a report on Wednesday, September 11th. Royal Bank of Canada reissued an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a report on Tuesday, August 6th. Finally, HC Wainwright dropped their target price on shares of Nuvation Bio from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, September 16th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $6.40.

Nuvation Bio Stock Performance

The stock's fifty day moving average is $2.72 and its two-hundred day moving average is $2.98. The firm has a market cap of $600.63 million, a price-to-earnings ratio of -7.84 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.09). The company had revenue of $1.44 million for the quarter. Sell-side analysts predict that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robert Mashal bought 100,000 shares of the stock in a transaction on Tuesday, October 8th. The shares were purchased at an average price of $2.20 per share, with a total value of $220,000.00. Following the purchase, the director now owns 100,000 shares in the company, valued at approximately $220,000. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 36.09% of the company's stock.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. bought a new position in shares of Nuvation Bio during the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC boosted its position in shares of Nuvation Bio by 913.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company's stock valued at $32,000 after purchasing an additional 10,000 shares in the last quarter. Xponance Inc. bought a new position in shares of Nuvation Bio during the 2nd quarter valued at about $33,000. Caxton Associates LP bought a new position in shares of Nuvation Bio during the 2nd quarter valued at about $43,000. Finally, Choreo LLC acquired a new position in shares of Nuvation Bio in the second quarter worth about $47,000. Institutional investors own 61.67% of the company's stock.

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.