Nuvation Bio (NYSE:NUVB) Shares Down 6.5%

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report) shares were down 6.5% on Tuesday . The stock traded as low as $3.41 and last traded at $3.45. Approximately 398,743 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 1,159,918 shares. The stock had previously closed at $3.69.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NUVB shares. Wedbush restated an "outperform" rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Friday, March 1st. BTIG Research upgraded Nuvation Bio from a "neutral" rating to a "buy" rating and set a $5.00 target price for the company in a report on Tuesday, March 26th. HC Wainwright boosted their target price on Nuvation Bio from $5.00 to $8.00 and gave the stock a "buy" rating in a report on Thursday, March 28th. Finally, Jefferies Financial Group raised Nuvation Bio from a "hold" rating to a "buy" rating and lifted their price target for the stock from $1.40 to $10.00 in a research report on Wednesday, March 27th.

Nuvation Bio Stock Performance

The company has a 50-day simple moving average of $2.10 and a 200 day simple moving average of $1.61. The company has a market capitalization of $753.36 million, a P/E ratio of -10.15 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. As a group, sell-side analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current year.

Institutional Trading of Nuvation Bio

A number of large investors have recently bought and sold shares of NUVB. JPMorgan Chase & Co. boosted its stake in Nuvation Bio by 6.4% in the first quarter. JPMorgan Chase & Co. now owns 715,400 shares of the company's stock worth $3,762,000 after purchasing an additional 43,179 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Nuvation Bio by 28.9% during the first quarter. Raymond James & Associates now owns 16,060 shares of the company's stock valued at $84,000 after acquiring an additional 3,600 shares during the period. MetLife Investment Management LLC lifted its stake in shares of Nuvation Bio by 55.4% during the first quarter. MetLife Investment Management LLC now owns 89,675 shares of the company's stock valued at $472,000 after acquiring an additional 31,975 shares during the period. Rhumbline Advisers lifted its stake in shares of Nuvation Bio by 8.1% during the first quarter. Rhumbline Advisers now owns 162,651 shares of the company's stock valued at $856,000 after acquiring an additional 12,174 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Nuvation Bio by 14.8% during the first quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company's stock valued at $68,025,000 after acquiring an additional 1,671,908 shares during the period. 61.67% of the stock is currently owned by institutional investors.

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.