Nuvation Bio (NYSE:NUVB) Shares Down 6.4% – Should You Sell?

Nuvation Bio Inc. (NYSE:NUVB) traded down 6.4% on Wednesday . The stock traded as low as $1.87 and last traded at $1.89. 1,838,154 shares changed hands 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.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research report on Tuesday, January 7th. Jones Trading initiated coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They issued a “buy” rating and a $10.00 target price for the company. Wedbush restated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research report on Thursday, March 27th. Finally, HC Wainwright dropped 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 note on Monday, March 10th.

Nuvation Bio Trading Down 6.9 %

The firm has a fifty day moving average price of $2.00 and a 200 day moving average price of $2.38. The firm has a market cap of $636.72 million, a PE ratio of -0.87 and a beta of 1.47.

Insiders Place Their Bets

In other Nuvation Bio news, CEO David Hung purchased 300,000 shares of the stock in a transaction dated Monday, April 7th. The stock was acquired at an average cost of $1.62 per share, for a total transaction of $486,000.00. Following the acquisition, the chief executive officer now owns 58,781,054 shares in the company, valued at $95,225,307.48. This trade represents a 0.51 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new position in Nuvation Bio in the 4th quarter valued at about $27,000. Forum Financial Management LP purchased a new stake in Nuvation Bio during the 4th quarter worth approximately $29,000. Cerity Partners LLC acquired a new stake in Nuvation Bio during the 4th quarter worth approximately $31,000. Firethorn Wealth Partners LLC purchased a new position in Nuvation Bio in the 1st quarter valued at approximately $35,000. Finally, Russell Investments Group Ltd. grew its stake 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. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

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.