Nuvation Bio (NYSE:NUVB) Stock Price Down 2.6%

Nuvation Bio Inc. (NYSE:NUVB)’s stock price traded down 2.6% on Tuesday . The company traded as low as $2.67 and last traded at $2.67. 118,577 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,394,376 shares. The stock had previously closed at $2.74.

Analyst Upgrades and Downgrades

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

Nuvation Bio Stock Performance

The stock has a market cap of $672.95 million, a PE ratio of -8.84 and a beta of 1.38. The company’s 50-day moving average price is $3.09 and its 200 day moving average price is $3.02.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings results on Monday, August 5th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The firm had revenue of $1.44 million for the quarter. On average, sell-side analysts anticipate that Nuvation Bio Inc. will post -0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nuvation Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NUVB. B. Riley Wealth Advisors Inc. purchased a new stake in Nuvation Bio in the 2nd quarter worth approximately $29,000. EverSource Wealth Advisors LLC increased its holdings in Nuvation Bio by 913.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock worth $32,000 after acquiring an additional 10,000 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new stake in Nuvation Bio in the 4th quarter worth approximately $33,000. Xponance Inc. purchased a new stake in Nuvation Bio in the 2nd quarter worth approximately $33,000. Finally, Caxton Associates LP purchased a new stake in Nuvation Bio in the 2nd quarter worth approximately $43,000. 61.67% of the stock is owned by hedge funds and other 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.