Nuvation Bio (NYSE:NUVB) Shares Down 8.3% – Time to Sell?

Nuvation Bio Inc. (NYSE:NUVB) was down 8.3% during mid-day trading on Wednesday . The company traded as low as $2.94 and last traded at $2.98. Approximately 2,037,923 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 3,329,388 shares. The stock had previously closed at $3.25.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $10.00 price objective (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday. Wedbush reiterated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Monday. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Nuvation Bio in a research note on Monday. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $7.40.

Nuvation Bio Price Performance

The firm has a market capitalization of $939.02 million, a price-to-earnings ratio of -1.29 and a beta of 1.47. The business’s fifty day simple moving average is $2.76 and its 200 day simple moving average is $2.82.

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

Institutional Trading of Nuvation Bio

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Nuvation Bio in the 2nd quarter worth about $29,000. EverSource Wealth Advisors LLC boosted its stake in Nuvation Bio by 913.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after purchasing an additional 10,000 shares during the last quarter. Xponance Inc. bought a new stake in Nuvation Bio during the 2nd quarter worth approximately $33,000. Caxton Associates LP purchased a new stake in shares of Nuvation Bio in the second quarter worth approximately $43,000. Finally, Choreo LLC bought a new position in shares of Nuvation Bio in the second quarter valued at approximately $47,000. Institutional investors 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.