559,180 Shares in Nuvation Bio Inc. $NUVB Bought by Renaissance Technologies LLC

Key Points

• Renaissance Technologies bought 559,180 shares of Nuvation Bio, valued at approximately $2.4 million, giving it a roughly 0.16% stake. Institutional investors collectively own 61.67% of the company.
• Insiders sold 235,668 shares worth about $1.42 million during the latest quarter, including substantial sales by CFO Philippe Sauvage and insider Kerry Wentworth under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains generally positive, with eight Buy ratings and a consensus “Moderate Buy” rating alongside a $13 price target. Nuvation Bio recently reported quarterly revenue above expectations but missed the earnings-per-share estimate.

Renaissance Technologies LLC bought a new stake in shares of Nuvation Bio Inc. (NYSE:NUVB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 559,180 shares of the company's stock, valued at approximately $2,399,000. Renaissance Technologies LLC owned approximately 0.16% of Nuvation Bio as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in Nuvation Bio by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 15,555,606 shares of the company's stock worth $139,378,000 after buying an additional 101,011 shares in the last quarter. Millennium Management LLC lifted its position in shares of Nuvation Bio by 52.4% during the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock valued at $6,642,000 after buying an additional 1,298,131 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Nuvation Bio by 19.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,321,249 shares of the company's stock valued at $12,276,000 after acquiring an additional 551,508 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Nuvation Bio by 852.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,708,553 shares of the company's stock worth $24,270,000 after acquiring an additional 2,424,109 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in Nuvation Bio by 95.7% in the 3rd quarter. Two Sigma Investments LP now owns 2,377,570 shares of the company's stock worth $8,797,000 after acquiring an additional 1,162,837 shares in the last quarter. Institutional investors own 61.67% of the company's stock.

Insider Transactions at Nuvation Bio

In related news, CFO Philippe Sauvage sold 47,668 shares of the firm's stock in a transaction on Tuesday, June 23rd. The shares were 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 directly owned 12,673 shares of the company's stock, valued at approximately $76,164.73. This trade represents a 79.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Kerry Wentworth sold 63,000 shares of the business's stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $6.02, for a total transaction of $379,260.00. Following the completion of the sale, the insider owned 53,000 shares in the company, valued at $319,060. This represents a 54.31% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 235,668 shares of company stock worth $1,419,495. 30.11% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on NUVB. 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 report on Friday. Citigroup reissued a "market outperform" rating on shares of Nuvation Bio in a research note on Wednesday, June 10th. Zacks Research upgraded shares of Nuvation Bio from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Truist Financial upped their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Nuvation Bio in a research note on Friday, July 17th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $13.00.

Nuvation Bio Stock Down 0.5%

Shares of NUVB stock opened at $6.57 on Tuesday. The company's fifty day simple moving average is $5.79 and its two-hundred day simple moving average is $5.24. Nuvation Bio Inc. has a 52 week low of $2.18 and a 52 week high of $9.75. The stock has a market cap of $2.29 billion, a P/E ratio of -14.93 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 issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.15) earnings per share 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 firm had revenue of $31.69 million for the quarter, compared to analysts' expectations of $27.03 million. Analysts predict that Nuvation Bio Inc. will post -0.38 EPS for the current fiscal year.

Nuvation Bio 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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