Nuvation Bio (NYSE:NUVB) Shares Gap Down – Here’s Why

Nuvation Bio Inc. (NYSE:NUVB) gapped down prior to trading on Friday . The stock had previously closed at $2.77, but opened at $2.71. Nuvation Bio shares last traded at $2.80, with a volume of 390,986 shares.

Wall Street Analyst Weigh In

NUVB has been the topic of several analyst reports. HC Wainwright decreased their price target on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Royal Bank of Canada upped their target price 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 reiterated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, November 7th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Nuvation Bio presently has a consensus rating of “Buy” and an average price target of $6.60.

Nuvation Bio Trading Up 2.9 %

The stock has a market cap of $959.22 million, a PE ratio of -1.31 and a beta of 1.46. The firm has a fifty day simple moving average of $2.53 and a two-hundred day simple moving average of $2.86.

Nuvation Bio (NYSE:NUVB) last announced its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $0.73 million for the quarter. Equities analysts forecast that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Activity

In other news, Director Robert Mashal acquired 100,000 shares of the business’s stock in a transaction dated Tuesday, October 8th. The stock was purchased at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the acquisition, the director now owns 100,000 shares of the company’s stock, valued at $220,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 5.07% of the company’s stock.

Institutional Trading of Nuvation Bio

A number of hedge funds have recently bought and sold shares of NUVB. Geode Capital Management LLC grew its position in Nuvation Bio by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after acquiring an additional 196,247 shares during the last quarter. Frazier Life Sciences Management L.P. purchased a new stake in shares of Nuvation Bio in the 3rd quarter valued at $2,790,000. XTX Topco Ltd bought a new position in shares of Nuvation Bio during the 3rd quarter valued at $302,000. Zacks Investment Management raised its position in Nuvation Bio by 21.5% in the 3rd quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock worth $83,000 after purchasing an additional 6,394 shares during the period. Finally, Wellington Management Group LLP raised its position in Nuvation Bio by 83.3% in the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock worth $1,429,000 after purchasing an additional 283,642 shares during the period. 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.