Nuvation Bio (NYSE:NUVB) Shares Down 8.4%

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s stock price was down 8.4% during trading on Wednesday . The company traded as low as $2.90 and last traded at $2.96. Approximately 985,043 shares traded hands during trading, a decline of 18% from the average daily volume of 1,204,648 shares. The stock had previously closed at $3.23.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NUVB shares. Wedbush reaffirmed an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a report on Friday, March 1st. Jefferies Financial Group raised Nuvation Bio from a "hold" rating to a "buy" rating and increased their target price for the stock from $1.40 to $10.00 in a report on Wednesday, March 27th. BTIG Research raised Nuvation Bio from a "neutral" rating to a "buy" rating and set a $5.00 target price on the stock in a report on Tuesday, March 26th. Finally, HC Wainwright raised their price target on Nuvation Bio from $5.00 to $8.00 and gave the stock a "buy" rating in a report on Thursday, March 28th.

Nuvation Bio Stock Performance

The firm has a market cap of $666.14 million, a P/E ratio of -8.99 and a beta of 1.37. The firm has a fifty day moving average of $2.33 and a 200-day moving average of $1.70.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. Equities research analysts expect that Nuvation Bio Inc. will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On Nuvation Bio

Hedge funds have recently modified their holdings of the stock. Centiva Capital LP acquired a new stake in Nuvation Bio during the fourth quarter valued at $26,000. Quantbot Technologies LP boosted its position in Nuvation Bio by 147.7% during the first quarter. Quantbot Technologies LP now owns 13,383 shares of the company's stock valued at $70,000 after purchasing an additional 7,981 shares during the last quarter. Royal Bank of Canada boosted its position in Nuvation Bio by 133.4% during the second quarter. Royal Bank of Canada now owns 15,199 shares of the company's stock valued at $27,000 after purchasing an additional 8,687 shares during the last quarter. Virtu Financial LLC acquired a new stake in Nuvation Bio during the fourth quarter valued at $31,000. Finally, Raymond James & Associates boosted its position in 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 purchasing an additional 3,600 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.