Torray Investment Partners LLC bought a new position in Nuvation Bio Inc. (NYSE:NUVB – Free Report) in the third quarter, HoldingsChannel reports. The firm bought 274,814 shares of the company’s stock, valued at approximately $1,539,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. NewEdge Advisors LLC raised its holdings in Nuvation Bio by 19.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,231,733 shares of the company’s stock valued at $6,996,000 after buying an additional 200,621 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in Nuvation Bio by 75.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,439,357 shares of the company’s stock worth $6,175,000 after buying an additional 619,725 shares during the period. Wellington Management Group LLP boosted its stake in Nuvation Bio by 6.5% during the second quarter. Wellington Management Group LLP now owns 715,781 shares of the company’s stock worth $4,066,000 after buying an additional 43,637 shares during the period. Tanaka Capital Management Inc. boosted its stake in Nuvation Bio by 7.2% during the first quarter. Tanaka Capital Management Inc. now owns 901,825 shares of the company’s stock worth $3,869,000 after buying an additional 60,220 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Nuvation Bio during the second quarter valued at $3,804,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the stock. Royal Bank Of Canada increased their target price on shares of Nuvation Bio from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Citigroup reaffirmed a “market outperform” rating on shares of Nuvation Bio in a research note on Monday, October 19th. Wedbush reiterated an “outperform” rating and set a $11.00 price target on shares of Nuvation Bio in a report on Wednesday, September 16th. Wall Street Zen lowered shares of Nuvation Bio from a “hold” rating to a “sell” rating in a research report on Saturday, October 10th. Finally, Citizens Jmp reissued a “market outperform” rating and issued a $10.00 price objective on shares of Nuvation Bio in a research note on Wednesday, September 16th. Nine equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.22.
Read Our Latest Research Report on Nuvation Bio
Nuvation Bio Stock Performance
NUVB stock opened at $4.70 on Wednesday. The company has a quick ratio of 8.14, a current ratio of 8.37 and a debt-to-equity ratio of 0.96. The business’s fifty day simple moving average is $5.55 and its two-hundred day simple moving average is $5.40. Nuvation Bio Inc. has a twelve month low of $3.92 and a twelve month high of $9.75. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -10.67 and a beta of 1.73.
Nuvation Bio (NYSE:NUVB – Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). The business had revenue of $31.69 million for the quarter, compared to the consensus estimate of $27.03 million. Nuvation Bio had a negative return on equity of 46.59% and a negative net margin of 88.18%. Analysts predict that Nuvation Bio Inc. will post -0.34 earnings per share for the current year.
Insider Activity at Nuvation Bio
In related news, insider Gary Hattersley sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $7.09, for a total value of $709,000.00. Following the transaction, the insider owned 100,000 shares of the company’s stock, valued at $709,000. This trade represents a 50.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 30.11% of the company’s stock.
Nuvation Bio Company Profile
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.
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