NewEdge Advisors LLC raised its stake in Nuvation Bio Inc. (NYSE:NUVB – Free Report) by 8.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,031,112 shares of the company’s stock after purchasing an additional 78,946 shares during the period. NewEdge Advisors LLC owned 0.30% of Nuvation Bio worth $4,423,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in NUVB. Rangeley Capital LLC bought a new position in shares of Nuvation Bio during the 2nd quarter worth about $25,000. Parallel Advisors LLC increased its position in Nuvation Bio by 51.9% in the 3rd 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 in the last quarter. Cetera Investment Advisers acquired a new position in Nuvation Bio during the 2nd quarter worth approximately $29,000. Captrust Financial Advisors bought a new position in Nuvation Bio in the second quarter worth approximately $32,000. Finally, KBC Group NV bought a new position in Nuvation Bio in the first quarter worth approximately $37,000. Institutional investors and hedge funds own 61.67% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently commented on NUVB. B. Riley Financial restated a “buy” rating on shares of Nuvation Bio in a report on Friday. Royal Bank Of Canada lifted their price target on shares of Nuvation Bio from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday. Citigroup restated a “market outperform” rating on shares of Nuvation Bio in a research note on Wednesday, June 10th. Wedbush restated an “outperform” rating and set a $11.00 price objective on shares of Nuvation Bio in a report on Thursday, July 23rd. Finally, Truist Financial raised their price objective on shares of Nuvation Bio from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.00.
Insider Activity
In other news, Director Robert Mashal acquired 25,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was purchased at an average price of $4.73 per share, for a total transaction of $118,250.00. Following the purchase, the director owned 225,000 shares in the company, valued at approximately $1,064,250. This represents a 12.50% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Philippe Sauvage sold 47,668 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.01, for a total value 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. The trade was a 79.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 235,668 shares of company stock worth $1,419,495. 30.11% of the stock is owned by insiders.
Nuvation Bio Stock Down 3.0%
Shares of NYSE:NUVB opened at $6.40 on Wednesday. The business’s 50 day moving average is $5.82 and its 200 day moving average is $5.24. Nuvation Bio Inc. has a 12-month low of $2.21 and a 12-month high of $9.75. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -14.55 and a beta of 1.52. The company has a quick ratio of 8.14, a current ratio of 8.37 and a debt-to-equity ratio of 0.96.
Nuvation Bio (NYSE:NUVB – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. The company had revenue of $31.69 million during the quarter, compared to analysts’ expectations of $27.03 million. On average, sell-side analysts forecast that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.
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.
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