Nuvation Bio (NYSE:NUVB) Shares Gap Down - Time to Sell?

Shares of Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $1.73, but opened at $1.66. Nuvation Bio shares last traded at $1.79, with a volume of 3,097,573 shares.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NUVB. HC Wainwright reduced their target price on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Jones Trading began coverage on shares of Nuvation Bio in a report on Wednesday, March 12th. They set a "buy" rating and a $10.00 price target on the stock. JMP Securities reaffirmed a "market outperform" rating and issued a $6.00 target price on shares of Nuvation Bio in a report on Monday, June 2nd. Royal Bank Of Canada upgraded shares of Nuvation Bio from an "outperform" rating to a "moderate buy" rating and decreased their price target for the company from $10.00 to $6.00 in a research report on Tuesday. Finally, Citigroup began coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They issued an "outperform" rating for the company. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Nuvation Bio presently has a consensus rating of "Moderate Buy" and a consensus target price of $7.17.

Nuvation Bio Stock Performance

The company has a 50 day moving average of $2.15 and a 200-day moving average of $2.28.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.16). Nuvation Bio had a negative return on equity of 44.14% and a negative net margin of 5,534.21%. The firm had revenue of $3.08 million during the quarter, compared to analysts' expectations of $0.42 million. On average, equities analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity

In other news, insider Dongfang Liu sold 20,000 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the transaction, the insider now directly owns 12,000 shares in the company, valued at $30,000. This trade represents a 62.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Hung acquired 200,000 shares of Nuvation Bio stock in a transaction that occurred on Friday, April 4th. The stock was acquired at an average price of $1.66 per share, with a total value of $332,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 58,481,054 shares in the company, valued at $97,078,549.64. This represents a 0.34% increase in their position. The disclosure for this purchase can be found here. Insiders own 29.93% of the company's stock.

Hedge Funds Weigh In On Nuvation Bio

Large investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Nuvation Bio by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company's stock valued at $191,000 after buying an additional 4,608 shares in the last quarter. Two Sigma Investments LP lifted its holdings in Nuvation Bio by 0.5% during the 4th quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company's stock valued at $3,062,000 after buying an additional 5,925 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Nuvation Bio by 11.7% during the first quarter. Exchange Traded Concepts LLC now owns 60,951 shares of the company's stock valued at $107,000 after acquiring an additional 6,403 shares in the last quarter. Pale Fire Capital SE raised its position in Nuvation Bio by 17.0% during the 1st quarter. Pale Fire Capital SE now owns 45,642 shares of the company's stock valued at $80,000 after purchasing an additional 6,642 shares in the last quarter. Finally, LPL Financial LLC raised its holdings in shares of Nuvation Bio by 27.0% in the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company's stock valued at $83,000 after acquiring an additional 6,673 shares in the last quarter. Hedge funds and other institutional investors own 61.67% of the company's stock.

Nuvation Bio Company Profile

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.