Nuvation Bio (NYSE:NUVB) Hits New 52-Week Low Following Analyst Downgrade

Nuvation Bio Inc. (NYSE:NUVB) shares reached a new 52-week low on Friday after Royal Bank Of Canada lowered their price target on the stock from $20.00 to $17.00. Royal Bank Of Canada currently has an outperform rating on the stock. Nuvation Bio traded as low as $3.98 and last traded at $4.0880, with a volume of 637,149 shares traded. The stock had previously closed at $4.19.

Other equities analysts also recently issued reports about the stock. Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Nuvation Bio in a report on Wednesday, September 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Nuvation Bio in a research note on Thursday, October 15th. B. Riley Financial reaffirmed a “buy” rating on shares of Nuvation Bio in a report on Friday, August 7th. Citigroup reiterated a “market outperform” rating on shares of Nuvation Bio in a research note on Monday, October 19th. Finally, JPMorgan Chase & Co. initiated coverage on Nuvation Bio in a report on Tuesday, August 18th. They issued an “overweight” rating and a $13.00 target price on the stock. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $12.89.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, insider Gary Hattersley sold 100,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $7.09, for a total transaction of $709,000.00. Following the sale, the insider owned 100,000 shares of the company’s stock, valued at $709,000. This represents a 50.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 30.11% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nuvation Bio

A number of large investors have recently modified their holdings of the stock. KBC Group NV bought a new position in Nuvation Bio in the 1st quarter worth approximately $37,000. Sterling Capital Management LLC lifted its holdings in Nuvation Bio by 847.9% during the 3rd quarter. Sterling Capital Management LLC now owns 8,389 shares of the company’s stock worth $47,000 after buying an additional 7,504 shares in the last quarter. GK Wealth Management LLC acquired a new position in Nuvation Bio during the 3rd quarter worth $52,000. Emergent Wealth Advisors LLC bought a new position in Nuvation Bio in the 3rd quarter valued at $67,000. Finally, Tortoise Investment Management LLC bought a new position in Nuvation Bio in the 2nd quarter valued at $78,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

Nuvation Bio Price Performance

The stock has a 50-day simple moving average of $5.44 and a 200 day simple moving average of $5.38. The stock has a market capitalization of $1.44 billion, a P/E ratio of -10.24 and a beta of 1.73. The company has a debt-to-equity ratio of 0.96, a quick ratio of 8.14 and a current ratio of 8.37.

Nuvation Bio (NYSE:NUVB) last released its earnings results on Wednesday, November 4th. The company reported ($0.12) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.12). Nuvation Bio had a negative return on equity of 43.15% and a negative net margin of 67.38%. The company had revenue of $44.95 million during the quarter, compared to the consensus estimate of $34.39 million. On average, equities analysts forecast that Nuvation Bio Inc. will post -0.34 earnings per share for the current fiscal year.

About Nuvation Bio

Nuvation Bio, Inc is a biopharmaceutical company focused on discovering, developing and commercializing medicines for patients with cancer. The company seeks to address areas of significant unmet need, with an emphasis on targeted therapies for solid tumors.

Nuvation Bio’s lead product is taletrectinib, a next-generation tyrosine kinase inhibitor designed for patients with ROS1-positive non-small cell lung cancer (NSCLC), including certain tumors that have developed resistance to earlier ROS1-targeted treatments.