Royal Bank of Canada Has Lowered Expectations for Nuvation Bio (NYSE:NUVB) Stock Price

Nuvation Bio (NYSE:NUVB - Get Free Report) had its price objective dropped by equities researchers at Royal Bank of Canada from $10.00 to $6.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank of Canada's price target points to a potential upside of 236.13% from the stock's previous close.

Several other research analysts also recently commented on the company. Citigroup started coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued an "outperform" rating on the stock. Jones Trading started coverage on Nuvation Bio in a research note on Wednesday, March 12th. They issued a "buy" rating and a $10.00 price objective on the stock. Wall Street Zen cut Nuvation Bio from a "hold" rating to a "sell" rating in a report on Saturday. Citizens Jmp started coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They issued a "mkt outperform" rating and a $6.00 target price for the company. Finally, HC Wainwright reduced their price target on shares of Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $7.17.

Nuvation Bio Stock Performance

Shares of NUVB stock traded down $0.08 during mid-day trading on Tuesday, reaching $1.79. The company's stock had a trading volume of 1,876,017 shares, compared to its average volume of 2,674,996. The firm's 50-day moving average is $2.15 and its two-hundred day moving average is $2.29. Nuvation Bio has a 1-year low of $1.54 and a 1-year high of $3.97. The company has a market cap of $607.37 million, a P/E ratio of -0.82 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) EPS for the quarter, hitting analysts' consensus estimates of ($0.16). The business had revenue of $3.08 million for the quarter, compared to the consensus estimate of $0.42 million. Sell-side analysts anticipate that Nuvation Bio will post -0.36 EPS for the current year.

Insider Buying and Selling

In related news, insider Dongfang Liu sold 20,000 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 12,000 shares in the company, valued at $30,000. This trade represents a 62.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO David Hung bought 300,000 shares of Nuvation Bio stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average cost of $1.62 per share, with a total value of $486,000.00. Following the completion of the purchase, the chief executive officer now owns 58,781,054 shares in the company, valued at approximately $95,225,307.48. This trade represents a 0.51% increase in their position. The disclosure for this purchase can be found here. 29.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new stake in Nuvation Bio in the 4th quarter valued at $27,000. Forum Financial Management LP bought a new position in shares of Nuvation Bio in the 4th quarter valued at about $29,000. Cerity Partners LLC acquired a new stake in shares of Nuvation Bio in the fourth quarter valued at about $31,000. Firethorn Wealth Partners LLC bought a new stake in Nuvation Bio during the first quarter worth about $35,000. Finally, Russell Investments Group Ltd. raised its holdings in Nuvation Bio by 15,183.7% during the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company's stock worth $42,000 after acquiring an additional 15,791 shares in the last quarter. 61.67% of the stock is owned by institutional investors and hedge funds.

Nuvation Bio Company Profile

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.

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