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

Nuvation Bio Inc. (NYSE:NUVB) shares gapped down before the market opened on Monday after HC Wainwright lowered their price target on the stock from $11.00 to $10.00. The stock had previously closed at $2.02, but opened at $1.80. HC Wainwright currently has a buy rating on the stock. Nuvation Bio shares last traded at $1.90, with a volume of 803,621 shares.

Other equities research analysts have also recently issued reports about the stock. Wedbush reissued an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research report on Monday, March 3rd. 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 note on Tuesday, January 7th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $8.00.

Hedge Funds Weigh In On Nuvation Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Forum Financial Management LP acquired a new stake in Nuvation Bio during the 4th quarter worth about $29,000. Cerity Partners LLC purchased a new position in shares of Nuvation Bio in the fourth quarter worth approximately $31,000. Russell Investments Group Ltd. increased its position in shares of Nuvation Bio by 15,183.7% in the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock worth $42,000 after acquiring an additional 15,791 shares in the last quarter. Abacus Planning Group Inc. acquired a new stake in shares of Nuvation Bio during the fourth quarter valued at approximately $44,000. Finally, Cibc World Markets Corp purchased a new stake in shares of Nuvation Bio in the 4th quarter valued at approximately $45,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

Nuvation Bio Trading Down 7.2 %

The firm’s 50-day simple moving average is $2.41 and its two-hundred day simple moving average is $2.58. The stock has a market capitalization of $631.06 million, a PE ratio of -0.86 and a beta of 1.47.

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.