Nuvation Bio (NYSE:NUVB) Trading Down 6.4% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) shares traded down 6.4% on Wednesday . The company traded as low as $1.87 and last traded at $1.89. 1,838,154 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 2,048,537 shares. The stock had previously closed at $2.02.

Analyst Ratings Changes

Several research firms recently commented on NUVB. Jones Trading started coverage on Nuvation Bio in a report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $10.00 target price (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. HC Wainwright cut their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research report on Thursday, March 27th.

Nuvation Bio Stock Performance

The stock has a market cap of $636.72 million, a PE ratio of -0.87 and a beta of 1.47. The firm’s 50-day moving average is $2.00 and its 200 day moving average is $2.38.

Insider Activity

In other news, CEO David Hung bought 300,000 shares of the stock in a transaction dated Monday, April 7th. The shares were acquired at an average price of $1.62 per share, with a total value of $486,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 58,781,054 shares in the company, valued at approximately $95,225,307.48. The trade was a 0.51 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Nuvation Bio by 5.8% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,939 shares of the company’s stock valued at $276,000 after purchasing an additional 5,693 shares during the period. Two Sigma Investments LP lifted its position in shares of Nuvation Bio by 0.5% during the 4th quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company’s stock valued at $3,062,000 after acquiring an additional 5,925 shares during the period. LPL Financial LLC lifted its position in shares of Nuvation Bio by 27.0% during the 4th quarter. LPL Financial LLC now owns 31,348 shares of the company’s stock valued at $83,000 after acquiring an additional 6,673 shares during the period. Invesco Ltd. boosted its stake in shares of Nuvation Bio by 2.3% during the 4th quarter. Invesco Ltd. now owns 330,388 shares of the company’s stock worth $879,000 after acquiring an additional 7,344 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Nuvation Bio by 4.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 225,025 shares of the company’s stock worth $599,000 after acquiring an additional 9,758 shares during the period. 61.67% of the stock is owned by hedge funds and other institutional investors.

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.