Nuvation Bio (NYSE:NUVB) Stock Price Down 15.5% - Should You Sell?

Key Points

• Nuvation Bio's stock experienced a significant decline of 15.5%, trading as low as $3.29, with an average trading volume of about 4 million shares.
• Analysts maintain a generally positive outlook, with a consensus rating of "Buy" and a target price of $7.50, despite the recent downturn.
• The company reported revenue of $4.83 million for its last quarterly earnings, surpassing estimates and achieving earnings per share of ($0.17).

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) traded down 15.5% during mid-day trading on Monday . The company traded as low as $3.29 and last traded at $3.30. 4,048,824 shares changed hands during trading, a decline of 8% from the average session volume of 4,405,019 shares. The stock had previously closed at $3.90.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JMP Securities restated a "market outperform" rating and set a $6.00 target price on shares of Nuvation Bio in a research report on Wednesday, June 25th. Wedbush restated an "outperform" rating and set a $6.00 target price on shares of Nuvation Bio in a research report on Monday, September 8th. Wall Street Zen upgraded shares of Nuvation Bio from a "sell" rating to a "hold" rating in a research report on Sunday, August 17th. Finally, Royal Bank Of Canada boosted their target price on shares of Nuvation Bio from $6.00 to $7.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $7.50.

Nuvation Bio Stock Performance

The business's 50-day simple moving average is $2.65 and its two-hundred day simple moving average is $2.25. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -4.98 and a beta of 1.36. The company has a quick ratio of 9.38, a current ratio of 9.39 and a debt-to-equity ratio of 0.13.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.17) earnings per share for the quarter, hitting the consensus estimate of ($0.17). Nuvation Bio had a negative net margin of 1,413.43% and a negative return on equity of 46.14%. The firm had revenue of $4.83 million during the quarter, compared to the consensus estimate of $0.42 million. As a group, sell-side analysts expect that Nuvation Bio Inc. will post -0.36 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC raised its position in shares of Nuvation Bio by 16.8% during the 2nd quarter. Geode Capital Management LLC now owns 5,994,798 shares of the company's stock worth $11,691,000 after purchasing an additional 864,194 shares during the last quarter. MPM Bioimpact LLC raised its position in shares of Nuvation Bio by 11.7% during the 1st quarter. MPM Bioimpact LLC now owns 4,652,243 shares of the company's stock worth $8,188,000 after purchasing an additional 488,065 shares during the last quarter. Millennium Management LLC raised its position in shares of Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock worth $6,642,000 after purchasing an additional 1,298,131 shares during the last quarter. Northern Trust Corp raised its position in shares of Nuvation Bio by 37.0% during the 4th quarter. Northern Trust Corp now owns 2,086,751 shares of the company's stock worth $5,551,000 after purchasing an additional 563,627 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in shares of Nuvation Bio by 0.5% during the 4th quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company's stock worth $3,062,000 after purchasing an additional 5,925 shares during the last quarter. Institutional investors and hedge funds 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.