Nuvation Bio (NYSE:NUVB) Shares Down 5.1% - Here's What Happened

Key Points

• Nuvation Bio shares fell 5.1% to $5.275 during Friday’s trading, with volume reaching about 7.4 million shares—36% above the average.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $13.22, substantially above the current share price.
• The company reported a quarterly EPS loss of $0.15, narrowly missing estimates, despite revenue of $31.69 million exceeding expectations; an insider also sold 100,000 shares under a pre-arranged trading plan.

Nuvation Bio Inc. (NYSE:NUVB - Get Free Report)'s share price fell 5.1% during mid-day trading on Friday. The stock traded as low as $5.26 and last traded at $5.2750. Approximately 7,436,077 shares were traded during trading, an increase of 36% from the average daily volume of 5,461,921 shares. The stock had previously closed at $5.56.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NUVB. HC Wainwright increased their price objective on shares of Nuvation Bio from $17.00 to $21.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Citizens Jmp reaffirmed a "market outperform" rating and set a $10.00 target price on shares of Nuvation Bio in a report on Wednesday, September 16th. Royal Bank Of Canada upped their price target on shares of Nuvation Bio from $19.00 to $20.00 and gave the company an "outperform" rating in a research note on Friday, August 7th. Truist Financial increased their price target on shares of Nuvation Bio from $12.00 to $13.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Nuvation Bio in a research report on Tuesday, August 18th. They set an "overweight" rating and a $13.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Nuvation Bio currently has a consensus rating of "Moderate Buy" and an average target price of $13.22.

Nuvation Bio Price Performance

The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -11.88 and a beta of 1.61. The company's 50 day moving average is $6.38 and its 200 day moving average is $5.49. The company has a quick ratio of 8.14, a current ratio of 8.37 and a debt-to-equity ratio of 0.96.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. The business had revenue of $31.69 million during the quarter, compared to the consensus estimate of $27.03 million. On average, equities research analysts anticipate that Nuvation Bio Inc. will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Gary Hattersley sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $7.09, for a total transaction of $709,000.00. Following the sale, the insider owned 100,000 shares of the company's stock, valued at $709,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 30.11% of the company's stock.

Institutional Trading of Nuvation Bio

Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new stake in Nuvation Bio during the first quarter worth about $2,399,000. Ishara Investments LP acquired a new position in shares of Nuvation Bio in the 4th quarter valued at approximately $3,584,000. Bank of New York Mellon Corp bought a new stake in shares of Nuvation Bio during the 2nd quarter worth approximately $3,804,000. NewEdge Advisors LLC boosted its position in shares of Nuvation Bio by 19.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,231,733 shares of the company's stock worth $6,996,000 after acquiring an additional 200,621 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its stake in Nuvation Bio by 75.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,439,357 shares of the company's stock valued at $6,175,000 after acquiring an additional 619,725 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors.

Nuvation Bio Company Profile

Nuvation Bio, Inc is a clinical-stage biopharmaceutical company focused on discovering and developing medicines for the treatment of cancer. The company uses small-molecule drug discovery and development approaches to pursue therapies intended to address difficult-to-treat tumors and areas of significant unmet medical need.

Nuvation Bio's pipeline has included NUV-868, an oral investigational inhibitor of DYRK1A being studied in solid tumors, and NUV-1511, an investigational oncology drug designed to interfere with cancer-cell DNA damage response mechanisms.

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