HomeFinancial MarketsWhy Nuvation Bio Inc. (NUVB) stock fluctuated on Friday?

Why Nuvation Bio Inc. (NUVB) stock fluctuated on Friday?

Nuvation Bio Inc. (NUVB) shares gained 0.90% in after-hours on Friday, January 07, 2021, and closed the daily trading at $6.76. However, in the regular trading session of Friday, NUVB’s stock lost 0.45%. NUVB shares have fallen 39.20% over the last 12 months, and they have moved down 21.18% in the past week. Over the past three months, the stock has lost 26.45%, while over the past six months, it has declined 27.33%.

Let’s have a brief look at its recent news and developments.


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Fast Track designation for NUVB-422

On December 15, 2021, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to NUV-422. NUVB received Orphan Drug Designation for NUV-422 for the treatment of patients with malignant gliomas from the FDA in the first quarter of 2021.

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NUV-422, a cyclin-dependent kinase (CDK) 2/4/6 inhibitor, for the treatment of patients with high-grade gliomas, including glioblastoma multiforme.

NUV-422 is Nuvation Bio’s lead investigational CDK2/4/6 inhibitor program that works to overcome the limitations of CDK4/6 inhibitors. CDK4/6 inhibitors are known clinical entities with proven efficacy, but some cancer cells can evade these treatments by increasing signaling through CDK2.

Earlier on December 13, 2021, FDA cleared an investigational new drug application to evaluate NUV-422

NUVB latest financial results

On November 10, 2021, Nuvation Bio Inc. (NUVB), released its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • NUVB reported no revenue in Q3 2021.
  • For the three months ended September 30, 2021, research and development expenses were $17.1 million, compared to $8.6 million for the three months ended September 30, 2020.
  • General and administrative expenses were $5.7 million in Q3 2021, compared to $2.9 million for the three months ended September 30, 2020.
  • Nuvation Bio suffered a net loss of $22.0 million, or $0.11 per share in Q3 2021 compared to a net loss of $11.0 million, or $0.12per share, for the comparable period in 2020.
  • The company ended the third quarter with cash, cash equivalents, and marketable securities of $791.8 million.

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Conclusion

Well, we have no recent news or developments at the moment and it can continue to fluctuate in the coming trading sessions unless we have some major development.

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