Nuvation Bio (NYSE:NUVB) Shares Gap Down on Insider Selling

Nuvation Bio Inc. (NYSE:NUVB) gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $6.46, but opened at $5.62. Nuvation Bio shares last traded at $5.9090, with a volume of 2,122,337 shares.

Specifically, CFO Philippe Sauvage sold 47,668 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $6.01, for a total transaction of $286,484.68. Following the completion of the transaction, the chief financial officer owned 12,673 shares in the company, valued at $76,164.73. This represents a 79.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kerry Wentworth sold 63,000 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $6.02, for a total transaction of $379,260.00. Following the completion of the transaction, the insider directly owned 53,000 shares in the company, valued at $319,060. This represents a 54.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In other Nuvation Bio news, insider Stacy Markel sold 125,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total transaction of $753,750.00. Following the completion of the sale, the insider directly owned 32,591 shares in the company, valued at approximately $196,523.73. The trade was a 79.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on NUVB. Wedbush reaffirmed an “outperform” rating and issued a $11.00 price target on shares of Nuvation Bio in a research note on Tuesday, May 5th. HC Wainwright reissued a “buy” rating and issued a $17.00 price objective on shares of Nuvation Bio in a research note on Tuesday, May 5th. Royal Bank Of Canada restated an “outperform” rating and issued a $20.00 price objective on shares of Nuvation Bio in a report on Tuesday, May 5th. Citigroup reaffirmed a “market outperform” rating on shares of Nuvation Bio in a research note on Wednesday, June 10th. Finally, UBS Group reduced their target price on shares of Nuvation Bio from $10.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.50.

Nuvation Bio Trading Down 6.9%

The company has a market capitalization of $2.09 billion, a PE ratio of -13.99 and a beta of 1.52. The company has a fifty day simple moving average of $4.91 and a 200-day simple moving average of $5.74. The company has a current ratio of 7.44, a quick ratio of 7.24 and a debt-to-equity ratio of 0.15.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Monday, May 4th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.04. The business had revenue of $83.23 million for the quarter, compared to analyst estimates of $66.22 million. Nuvation Bio had a negative return on equity of 44.10% and a negative net margin of 102.06%. Analysts predict that Nuvation Bio Inc. will post -0.39 EPS for the current year.

Hedge Funds Weigh In On Nuvation Bio

Institutional investors and hedge funds have recently bought and sold shares of the company. Rangeley Capital LLC acquired a new stake in shares of Nuvation Bio during the 2nd quarter worth about $25,000. Parallel Advisors LLC lifted its position in Nuvation Bio by 51.9% in the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after buying an additional 2,597 shares during the last quarter. Cetera Investment Advisers purchased a new position in Nuvation Bio during the second quarter worth about $29,000. Captrust Financial Advisors purchased a new position in Nuvation Bio during the second quarter worth about $32,000. Finally, KBC Group NV acquired a new stake in shares of Nuvation Bio during the first quarter valued at about $37,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

Nuvation Bio Company Profile

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.