Nuvation Bio (NYSE:NUVB) Stock Price Down 5.5% - Here's What Happened

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares traded down 5.5% during mid-day trading on Thursday . The stock traded as low as $2.07 and last traded at $2.08. 3,607,250 shares traded hands during mid-day trading, an increase of 7% from the average session volume of 3,374,853 shares. The stock had previously closed at $2.20.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. HC Wainwright lowered their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, March 10th. Wall Street Zen cut shares of Nuvation Bio from a "hold" rating to a "sell" rating in a research note on Saturday. Citizens Jmp assumed coverage on shares of Nuvation Bio in a research note on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $6.00 price objective on the stock. Jones Trading assumed coverage on shares of Nuvation Bio in a research note on Wednesday, March 12th. They issued a "buy" rating and a $10.00 price objective on the stock. Finally, Wedbush reaffirmed an "outperform" rating and issued a $5.00 price objective on shares of Nuvation Bio in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $7.83.

Nuvation Bio Stock Down 4.7%

The firm's 50-day moving average price is $2.15 and its two-hundred day moving average price is $2.29. The firm has a market capitalization of $586.95 million, a PE ratio of -0.79 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.16) earnings per share for the quarter, hitting the consensus estimate of ($0.16). The firm had revenue of $3.08 million during the quarter, compared to analysts' expectations of $0.42 million. Equities research analysts forecast that Nuvation Bio Inc. will post -0.36 EPS for the current year.

Insider Transactions at Nuvation Bio

In related news, insider Dongfang Liu sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $2.50, for a total transaction of $50,000.00. Following the completion of the sale, the insider now directly owns 12,000 shares in the company, valued at approximately $30,000. This trade represents a 62.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David Hung purchased 200,000 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The shares were bought 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 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. 29.93% of the stock is currently owned by insiders.

Institutional Trading of Nuvation Bio

A number of institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its stake in Nuvation Bio by 54.9% in the fourth quarter. FMR LLC now owns 45,285,572 shares of the company's stock valued at $120,460,000 after acquiring an additional 16,046,701 shares during the last quarter. Vanguard Group Inc. lifted its stake in Nuvation Bio by 45.4% in the fourth quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company's stock valued at $41,849,000 after acquiring an additional 4,913,820 shares during the last quarter. Geode Capital Management LLC lifted its stake in Nuvation Bio by 22.9% in the fourth quarter. Geode Capital Management LLC now owns 4,951,195 shares of the company's stock valued at $13,174,000 after acquiring an additional 922,503 shares during the last quarter. MPM Bioimpact LLC lifted its stake in 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 during the last quarter. Finally, Millennium Management LLC lifted its stake in 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 during the last quarter. 61.67% of the stock is currently owned by institutional investors and hedge funds.

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.