Nuvation Bio (NYSE:NUVB) Trading Down 8.4%

Shares of Nuvation Bio Inc. (NYSE:NUVB) were down 8.4% during trading on Wednesday . The stock traded as low as $2.90 and last traded at $2.96. Approximately 985,043 shares were traded during trading, a decline of 18% from the average daily volume of 1,204,648 shares. The stock had previously closed at $3.23.

Analysts Set New Price Targets

Several analysts have recently commented on NUVB shares. HC Wainwright lifted their price target on shares of Nuvation Bio from $5.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, March 28th. Wedbush reaffirmed an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research report on Friday, March 1st. BTIG Research raised shares of Nuvation Bio from a “neutral” rating to a “buy” rating and set a $5.00 price target on the stock in a research report on Tuesday, March 26th. Finally, Jefferies Financial Group raised Nuvation Bio from a “hold” rating to a “buy” rating and boosted their target price for the company from $1.40 to $10.00 in a research report on Wednesday, March 27th.

Nuvation Bio Price Performance

The business’s 50 day moving average is $2.30 and its 200 day moving average is $1.69. The stock has a market cap of $665.05 million, a price-to-earnings ratio of -8.94 and a beta of 1.37.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. As a group, analysts forecast that Nuvation Bio Inc. will post -0.35 earnings per share for the current year.

Hedge Funds Weigh In On Nuvation Bio

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Nuvation Bio by 14.8% during the 1st quarter. Vanguard Group Inc. now owns 12,932,460 shares of the company’s stock worth $68,025,000 after purchasing an additional 1,671,908 shares during the last quarter. Baupost Group LLC MA raised its position in shares of Nuvation Bio by 21.1% during the 1st quarter. Baupost Group LLC MA now owns 10,443,494 shares of the company’s stock worth $54,933,000 after purchasing an additional 1,820,473 shares during the last quarter. State Street Corp raised its position in shares of Nuvation Bio by 4.1% during the 3rd quarter. State Street Corp now owns 3,070,398 shares of the company’s stock worth $6,878,000 after purchasing an additional 122,284 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Nuvation Bio by 14.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,730,710 shares of the company’s stock worth $4,915,000 after purchasing an additional 342,435 shares during the last quarter. Finally, Northern Trust Corp raised its position in shares of Nuvation Bio by 3.9% during the 3rd quarter. Northern Trust Corp now owns 1,300,835 shares of the company’s stock worth $1,743,000 after purchasing an additional 49,301 shares during the last quarter. Institutional investors and hedge funds own 61.67% of the company’s stock.

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.