Nuvation Bio (NYSE:NUVB) Shares Gap Down Following Analyst Downgrade

Nuvation Bio Inc. (NYSE:NUVB) shares gapped down before the market opened on Monday after HC Wainwright lowered their price target on the stock from $18.00 to $17.00. The stock had previously closed at $8.04, but opened at $7.69. HC Wainwright currently has a buy rating on the stock. Nuvation Bio shares last traded at $6.4310, with a volume of 2,395,382 shares changing hands.

Other equities analysts have also recently issued reports about the company. Royal Bank Of Canada increased their price target on Nuvation Bio from $7.00 to $8.00 and gave the company an “outperform” rating in a report on Tuesday, November 4th. Jefferies Financial Group assumed coverage on Nuvation Bio in a report on Tuesday, September 30th. They issued a “buy” rating and a $10.00 target price on the stock. UBS Group started coverage on shares of Nuvation Bio in a research report on Wednesday, January 7th. They set a “neutral” rating and a $10.00 price target for the company. Citizens Jmp raised their price objective on shares of Nuvation Bio from $8.00 to $10.00 and gave the stock a “market outperform” rating in a report on Thursday, November 20th. Finally, Truist Financial set a $11.00 target price on shares of Nuvation Bio in a research report on Monday, November 24th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Nuvation Bio currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.40.

Insider Buying and Selling at Nuvation Bio

In related news, insider Dongfang Liu sold 150,000 shares of Nuvation Bio stock in a transaction on Monday, December 1st. The shares were sold at an average price of $7.82, for a total transaction of $1,173,000.00. Following the transaction, the insider owned 18,000 shares in the company, valued at approximately $140,760. The trade was a 89.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary Hattersley sold 100,000 shares of the company’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $5.02, for a total transaction of $502,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 320,000 shares of company stock worth $2,050,800 over the last 90 days. Insiders own 29.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC grew its holdings in Nuvation Bio by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after buying an additional 2,597 shares in the last quarter. Swiss Life Asset Management Ltd bought a new position in shares of Nuvation Bio during the third quarter worth $39,000. Northwest Quadrant Wealth Management LLC purchased a new position in Nuvation Bio during the third quarter valued at $40,000. HBK Sorce Advisory LLC bought a new stake in Nuvation Bio in the 3rd quarter valued at $42,000. Finally, Federated Hermes Inc. increased its holdings in Nuvation Bio by 75.9% in the 3rd quarter. Federated Hermes Inc. now owns 11,630 shares of the company’s stock valued at $43,000 after acquiring an additional 5,020 shares during the last quarter. 61.67% of the stock is currently owned by institutional investors.

Nuvation Bio Stock Performance

The firm’s 50 day simple moving average is $7.58 and its 200 day simple moving average is $4.64. The firm has a market cap of $2.27 billion, a PE ratio of -10.59 and a beta of 1.54. The company has a current ratio of 8.48, a quick ratio of 8.39 and a debt-to-equity ratio of 0.14.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.01. The company had revenue of $13.12 million during the quarter, compared to analyst estimates of $7.48 million. Nuvation Bio had a negative return on equity of 54.99% and a negative net margin of 813.07%. On average, research analysts forecast that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

About Nuvation Bio

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.