Nuvation Bio (NYSE:NUVB) Shares Down 6.8% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) shares were down 6.8% during mid-day trading on Wednesday . The company traded as low as $4.62 and last traded at $4.5930. Approximately 3,124,024 shares were traded during trading, a decline of 35% from the average daily volume of 4,802,470 shares. The stock had previously closed at $4.93.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on NUVB. UBS Group lowered their target price on Nuvation Bio from $10.00 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, March 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 target price on shares of Nuvation Bio in a research note on Tuesday, May 5th. Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Nuvation Bio in a research note on Tuesday, May 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Nuvation Bio in a report on Tuesday, April 21st. Finally, Zacks Research downgraded Nuvation Bio from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.50.

Nuvation Bio Stock Performance

The stock’s 50 day simple moving average is $4.72 and its two-hundred day simple moving average is $5.89. The company has a market cap of $1.66 billion, a PE ratio of -11.10 and a beta of 1.52. The company has a quick ratio of 7.24, a current ratio of 7.44 and a debt-to-equity ratio of 0.15.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Monday, May 4th. The company reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.04. The business had revenue of $83.23 million for the quarter, compared to analyst estimates of $66.22 million. Nuvation Bio had a negative return on equity of 44.10% and a negative net margin of 102.06%. As a group, research analysts anticipate that Nuvation Bio Inc. will post -0.39 earnings per share for the current year.

Insider Buying and Selling at Nuvation Bio

In other news, insider Kerry Wentworth sold 200,000 shares of the company’s stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $4.52, for a total value of $904,000.00. Following the completion of the sale, the insider owned 53,000 shares of the company’s stock, valued at $239,560. This represents a 79.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Dongfang Liu sold 50,000 shares of the stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the insider owned 18,000 shares of the company’s stock, valued at approximately $90,360. This trade represents a 73.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 286,750 shares of company stock valued at $1,339,118 over the last ninety days. Corporate insiders own 30.11% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rangeley Capital LLC acquired a new stake in shares of Nuvation Bio during the second quarter worth approximately $25,000. Parallel Advisors LLC increased its position in Nuvation Bio by 51.9% in the 3rd quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after acquiring an additional 2,597 shares during the period. Cetera Investment Advisers bought a new position in shares of Nuvation Bio in the second quarter valued at approximately $29,000. Captrust Financial Advisors bought a new stake in shares of Nuvation Bio in the 2nd quarter worth approximately $32,000. Finally, KBC Group NV bought a new stake in Nuvation Bio during the first quarter worth approximately $37,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.