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

Shares of Nuvation Bio Inc. (NYSE:NUVB) 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.

A number of other equities analysts also recently commented on the stock. Citigroup reaffirmed a “market outperform” rating on shares of Nuvation Bio in a report on Tuesday, November 4th. Royal Bank Of Canada increased their price target on shares of Nuvation Bio from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 4th. Jefferies Financial Group started coverage on shares of Nuvation Bio in a research note on Tuesday, September 30th. They set a “buy” rating and a $10.00 price target for the company. JMP Securities set a $10.00 price objective on Nuvation Bio in a research note on Thursday, November 20th. Finally, Truist Financial set a $11.00 target price on Nuvation Bio in a report on Monday, November 24th. One research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, Nuvation Bio currently has an average rating of “Moderate Buy” and an average target price of $10.40.

Insider Buying and Selling

In other Nuvation Bio news, insider Gary Hattersley sold 100,000 shares of Nuvation Bio stock in a transaction on Monday, October 27th. The stock was sold at an average price of $5.02, for a total value of $502,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Dongfang Liu sold 150,000 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $7.82, for a total value of $1,173,000.00. Following the completion of the transaction, the insider directly owned 18,000 shares in the company, valued at approximately $140,760. This represents a 89.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 320,000 shares of company stock valued at $2,050,800 in the last quarter. 29.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nuvation Bio

A number of hedge funds have recently added to or reduced their stakes in NUVB. Highline Wealth Partners LLC bought a new position in shares of Nuvation Bio in the second quarter worth about $25,000. Rangeley Capital LLC bought a new stake in shares of Nuvation Bio during the second quarter valued at approximately $25,000. Parallel Advisors LLC increased its holdings in shares of Nuvation Bio by 51.9% in the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after purchasing an additional 2,597 shares in the last quarter. Cetera Investment Advisers bought a new position in Nuvation Bio in the 2nd quarter worth approximately $29,000. Finally, Captrust Financial Advisors bought a new position in Nuvation Bio in the 2nd quarter worth approximately $32,000. Institutional investors own 61.67% of the company’s stock.

Nuvation Bio Stock Performance

The stock has a market cap of $2.24 billion, a price-to-earnings ratio of -10.21 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. The firm has a fifty day simple moving average of $7.64 and a 200-day simple moving average of $4.71.

Nuvation Bio (NYSE:NUVB) last released its earnings results on Monday, November 3rd. The company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.01. Nuvation Bio had a negative return on equity of 54.99% and a negative net margin of 813.07%.The company had revenue of $13.12 million during the quarter, compared to analysts’ expectations of $7.48 million. 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.