Nuvation Bio (NYSE:NUVB) Shares Down 8.2% After Insider Selling

Nuvation Bio Inc. (NYSE:NUVB) shares were down 8.2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $2.18 and last traded at $2.19. Approximately 1,169,900 shares changed hands during trading, a decline of 45% from the average daily volume of 2,140,547 shares. The stock had previously closed at $2.38.

Specifically, insider Dongfang Liu sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $2.50, for a total value of $50,000.00. Following the completion of the sale, the insider now directly owns 12,000 shares of the company’s stock, valued at $30,000. This trade represents a 62.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NUVB. HC Wainwright dropped their target price on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, March 10th. JMP Securities began coverage on shares of Nuvation Bio in a research note on Wednesday, April 23rd. They issued a “market outperform” rating and a $6.00 price target on the stock. Citizens Jmp assumed coverage on shares of Nuvation Bio in a research report on Wednesday, April 23rd. They set a “mkt outperform” rating and a $6.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Thursday, March 27th. Finally, Jones Trading began coverage on Nuvation Bio in a research note on Wednesday, March 12th. They set a “buy” rating and a $10.00 price target on the stock. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $7.83.

Nuvation Bio Price Performance

The firm has a market cap of $706.15 million, a PE ratio of -0.96 and a beta of 1.42. The stock’s fifty day simple moving average is $1.97 and its 200-day simple moving average is $2.36.

Institutional Trading of Nuvation Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Nuvation Bio by 5.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 103,939 shares of the company’s stock worth $276,000 after purchasing an additional 5,693 shares during the period. Two Sigma Investments LP lifted its stake in Nuvation Bio by 0.5% during the 4th quarter. Two Sigma Investments LP now owns 1,151,256 shares of the company’s stock valued at $3,062,000 after acquiring an additional 5,925 shares during the period. Exchange Traded Concepts LLC boosted its holdings 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 valued at $107,000 after acquiring an additional 6,403 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Nuvation Bio by 27.0% during the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company’s stock worth $83,000 after purchasing an additional 6,673 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Nuvation Bio by 2.3% during the fourth quarter. Invesco Ltd. now owns 330,388 shares of the company’s stock valued at $879,000 after purchasing an additional 7,344 shares during the period. 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.