Nuvation Bio (NYSE:NUVB) Shares Down 6.4% – Here’s What Happened

Nuvation Bio Inc. (NYSE:NUVB) shares traded down 6.4% on Wednesday . The stock traded as low as $1.87 and last traded at $1.89. 1,838,154 shares were traded during mid-day trading, a decline of 10% from the average session volume of 2,048,537 shares. The stock had previously closed at $2.02.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NUVB. HC Wainwright cut their target price on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, March 10th. Jones Trading assumed coverage on Nuvation Bio in a report on Wednesday, March 12th. They set a “buy” rating and a $10.00 price objective on the stock. Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Thursday, March 27th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th.

Nuvation Bio Trading Up 4.5 %

The stock has a market cap of $665.50 million, a price-to-earnings ratio of -0.91 and a beta of 1.47. The firm has a fifty day simple moving average of $1.98 and a 200-day simple moving average of $2.38.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, CEO David Hung purchased 200,000 shares of the stock in a transaction dated Friday, April 4th. The stock was bought at an average price of $1.66 per share, for a total transaction of $332,000.00. Following the transaction, the chief executive officer now directly owns 58,481,054 shares in the company, valued at $97,078,549.64. This represents a 0.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 5.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Nuvation Bio

A number of institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC boosted its position in shares of Nuvation Bio by 11.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 60,951 shares of the company’s stock worth $107,000 after purchasing an additional 6,403 shares during the last quarter. Firethorn Wealth Partners LLC acquired a new stake in shares of Nuvation Bio in the 1st quarter valued at approximately $35,000. Wellington Management Group LLP boosted its stake in Nuvation Bio by 8.3% during the 4th quarter. Wellington Management Group LLP now owns 676,024 shares of the company’s stock worth $1,798,000 after acquiring an additional 52,051 shares during the last quarter. California State Teachers Retirement System grew its holdings in Nuvation Bio by 40.1% during the fourth quarter. California State Teachers Retirement System now owns 200,380 shares of the company’s stock valued at $533,000 after purchasing an additional 57,310 shares during the period. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Nuvation Bio in the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

About Nuvation Bio

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.