Nuvation Bio (NYSE:NUVB) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Nuvation Bio from “hold” to “sell,” although broader analyst sentiment remains more positive, with nine Buy, two Hold, and one Sell rating and a consensus “Moderate Buy” rating.
• Nuvation Bio shares opened at $5.00, below the 50-day average of $6.19, while the consensus price target stands at $13.22. The company reported a quarterly loss of $0.15 per share, slightly missing estimates, despite revenue exceeding expectations.
• Insider Gary Hattersley sold 100,000 shares at an average price of $7.09, reducing his holdings by 50%; institutional investors and hedge funds own approximately 61.67% of the company.

Nuvation Bio (NYSE:NUVB - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday, Wall Street Zen reports.

NUVB has been the subject of a number of other reports. Citizens Jmp reissued a "market outperform" rating and issued a $10.00 price target on shares of Nuvation Bio in a report on Wednesday, September 16th. Citigroup assumed coverage on shares of Nuvation Bio in a research note on Wednesday, September 30th. They set a "buy" rating and a $12.00 price objective on the stock. B. Riley Financial reaffirmed a "buy" rating on shares of Nuvation Bio in a report on Friday, August 7th. Cantor Fitzgerald began coverage on shares of Nuvation Bio in a research note on Friday, August 21st. They issued an "overweight" rating for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of Nuvation Bio in a report on Tuesday, August 18th. They set an "overweight" rating and a $13.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Nuvation Bio presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.22.

Nuvation Bio Stock Performance

NYSE NUVB opened at $5.00 on Friday. The stock has a 50-day simple moving average of $6.19 and a two-hundred day simple moving average of $5.51. The firm has a market capitalization of $1.76 billion, a P/E ratio of -11.38 and a beta of 1.61. Nuvation Bio has a fifty-two week low of $3.36 and a fifty-two week high of $9.75. The company has a debt-to-equity ratio of 0.96, a quick ratio of 8.14 and a current ratio of 8.37.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. The company had revenue of $31.69 million during the quarter, compared to analyst estimates of $27.03 million. On average, equities analysts forecast that Nuvation Bio will post -0.34 earnings per share for the current year.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, insider Gary Hattersley sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $7.09, for a total transaction of $709,000.00. Following the transaction, the insider owned 100,000 shares in the company, valued at approximately $709,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 30.11% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Renaissance Technologies LLC purchased a new position in Nuvation Bio during the first quarter valued at $2,399,000. Ishara Investments LP acquired a new stake in shares of Nuvation Bio in the fourth quarter valued at about $3,584,000. Bank of New York Mellon Corp purchased a new stake in shares of Nuvation Bio during the second quarter worth about $3,804,000. NewEdge Advisors LLC increased its stake in shares of Nuvation Bio by 19.5% during the second quarter. NewEdge Advisors LLC now owns 1,231,733 shares of the company's stock worth $6,996,000 after purchasing an additional 200,621 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Nuvation Bio during the 2nd quarter worth about $625,000. 61.67% of the stock is owned by institutional investors and hedge funds.

Nuvation Bio Company Profile

Nuvation Bio, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing medicines for the treatment of cancer. The company uses small-molecule drug discovery and development approaches to pursue therapies intended to address difficult-to-treat tumors and areas of significant unmet medical need.

Nuvation Bio's pipeline has included NUV-868, an oral investigational inhibitor of DYRK1A being studied in solid tumors, and NUV-1511, an investigational oncology drug designed to interfere with cancer-cell DNA damage response mechanisms.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.