Nuvation Bio (NYSE:NUVB) Hits New 52-Week Low – Here’s What Happened

Shares of Nuvation Bio Inc. (NYSE:NUVB) reached a new 52-week low on Monday . The company traded as low as $1.70 and last traded at $1.72, with a volume of 451839 shares. The stock had previously closed at $1.82.

Analyst Ratings Changes

Several brokerages have commented on NUVB. Wedbush restated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Thursday. Jones Trading assumed coverage on Nuvation Bio in a report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Finally, HC Wainwright reduced their price objective on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 10th.

Nuvation Bio Trading Down 4.7 %

The stock has a fifty day moving average of $2.19 and a 200-day moving average of $2.48. The firm has a market capitalization of $587.61 million, a price-to-earnings ratio of -0.80 and a beta of 1.47.

Institutional Trading of Nuvation Bio

Several institutional investors and hedge funds have recently bought and sold shares of NUVB. FMR LLC boosted its holdings in shares of Nuvation Bio by 54.9% in the fourth quarter. FMR LLC now owns 45,285,572 shares of the company’s stock worth $120,460,000 after buying an additional 16,046,701 shares during the period. Vanguard Group Inc. lifted its position in shares of Nuvation Bio by 45.4% in the 4th quarter. Vanguard Group Inc. now owns 15,732,567 shares of the company’s stock valued at $41,849,000 after acquiring an additional 4,913,820 shares in the last quarter. MPM Bioimpact LLC acquired a new position in Nuvation Bio in the 4th quarter worth approximately $11,077,000. Frazier Life Sciences Management L.P. purchased a new position in Nuvation Bio during the 3rd quarter worth approximately $2,790,000. Finally, Millennium Management LLC grew its position in Nuvation Bio by 82.7% during the 4th quarter. Millennium Management LLC now owns 2,475,872 shares of the company’s stock worth $6,586,000 after purchasing an additional 1,120,874 shares in 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.