Nuvation Bio (NYSE:NUVB) Stock Price Down 5.6% – Time to Sell?

Nuvation Bio Inc. (NYSE:NUVB) fell 5.6% during mid-day trading on Tuesday . The stock traded as low as $2.51 and last traded at $2.52. 323,324 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 3,057,700 shares. The stock had previously closed at $2.67.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a report on Monday, January 6th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Nuvation Bio in a research report on Monday, January 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Nuvation Bio has an average rating of “Buy” and a consensus price target of $7.40.

Nuvation Bio Price Performance

The firm has a fifty day moving average of $2.77 and a 200 day moving average of $2.82. The stock has a market capitalization of $851.51 million, a price-to-earnings ratio of -1.17 and a beta of 1.47.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The firm had revenue of $0.73 million for the quarter. Research analysts predict that Nuvation Bio Inc. will post -0.4 EPS for the current year.

Institutional Trading of Nuvation Bio

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Frazier Life Sciences Management L.P. purchased a new position in shares of Nuvation Bio during the 3rd quarter valued at approximately $2,790,000. Dimensional Fund Advisors LP lifted its holdings in Nuvation Bio by 415.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,018,329 shares of the company’s stock valued at $2,975,000 after purchasing an additional 820,669 shares in the last quarter. Wexford Capital LP grew its position in shares of Nuvation Bio by 930.2% in the third quarter. Wexford Capital LP now owns 651,767 shares of the company’s stock valued at $1,493,000 after purchasing an additional 588,500 shares during the period. FMR LLC raised its position in shares of Nuvation Bio by 1.4% during the 3rd quarter. FMR LLC now owns 29,238,871 shares of the company’s stock worth $66,957,000 after purchasing an additional 416,932 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Nuvation Bio by 479.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock valued at $1,014,000 after buying an additional 366,429 shares in the last quarter. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.