Nuvation Bio (NYSE:NUVB) Stock Price Down 4.6% - Here's What Happened

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares fell 4.6% during mid-day trading on Friday . The stock traded as low as $2.14 and last traded at $2.16. 826,787 shares were traded during trading, a decline of 73% from the average session volume of 3,022,967 shares. The stock had previously closed at $2.26.

Analysts Set New Price Targets

Several research firms have recently issued reports on NUVB. HC Wainwright cut their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, March 10th. JMP Securities began coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They set a "market outperform" rating and a $6.00 price objective on the stock. 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 objective on the stock. Wedbush restated an "outperform" rating and set a $5.00 price objective on shares of Nuvation Bio in a report on Thursday, May 15th. Finally, Citizens Jmp began coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 price objective on the stock. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $7.83.

Nuvation Bio Stock Performance

The company's fifty day moving average is $2.04 and its two-hundred day moving average is $2.32. The company has a market cap of $721.36 million, a price-to-earnings ratio of -0.98 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.16) EPS for the quarter, hitting analysts' consensus estimates of ($0.16). The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $0.42 million. On average, sell-side analysts anticipate that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

Insider Transactions at Nuvation Bio

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

Institutional Trading of Nuvation Bio

Several institutional investors have recently bought and sold shares of the business. Exome Asset Management LLC acquired a new stake in Nuvation Bio in the first quarter valued at approximately $170,000. Millennium Management LLC lifted its position in shares of Nuvation Bio by 52.4% in the first quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock valued at $6,642,000 after acquiring an additional 1,298,131 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Nuvation Bio by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company's stock valued at $191,000 after acquiring an additional 4,608 shares in the last quarter. AWM Investment Company Inc. purchased a new position in shares of Nuvation Bio in the first quarter valued at approximately $1,144,000. Finally, MPM Bioimpact LLC lifted its position in shares of Nuvation Bio by 11.7% in the first quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company's stock valued at $8,188,000 after acquiring an additional 488,065 shares in the last quarter. 61.67% of the stock is owned by institutional investors and hedge funds.

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.