Abrams Capital Management L.P. Has $5.45 Million Position in Nuvation Bio Inc. $NUVB

Abrams Capital Management L.P. reduced its stake in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 66.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,270,504 shares of the company's stock after selling 2,541,009 shares during the period. Nuvation Bio makes up approximately 0.1% of Abrams Capital Management L.P.'s holdings, making the stock its 10th largest holding. Abrams Capital Management L.P. owned approximately 0.36% of Nuvation Bio worth $5,450,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NUVB. Parallel Advisors LLC increased its position in shares of Nuvation Bio by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 7,597 shares of the company's stock worth $28,000 after purchasing an additional 2,597 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Nuvation Bio during the fourth quarter worth approximately $71,000. KBC Group NV acquired a new stake in shares of Nuvation Bio during the first quarter worth approximately $37,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Nuvation Bio in the first quarter valued at approximately $43,000. Finally, Swiss Life Asset Management Ltd bought a new position in shares of Nuvation Bio in the third quarter valued at approximately $39,000. 61.67% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Nuvation Bio news, insider Kerry Wentworth sold 63,000 shares of the business's stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.02, for a total transaction of $379,260.00. Following the transaction, the insider owned 53,000 shares of the company's stock, valued at $319,060. The trade was a 54.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philippe Sauvage sold 47,668 shares of the business's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $6.01, for a total transaction of $286,484.68. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 235,668 shares of company stock valued at $1,419,495 in the last ninety days. 30.11% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

NUVB has been the topic of a number of research analyst reports. HC Wainwright restated a "buy" rating and set a $17.00 price target on shares of Nuvation Bio in a research report on Tuesday, May 5th. Wedbush reiterated an "outperform" rating and issued a $11.00 price objective on shares of Nuvation Bio in a research report on Thursday. Citigroup reissued a "market outperform" rating on shares of Nuvation Bio in a research note on Wednesday, June 10th. Weiss Ratings restated a "sell (d-)" rating on shares of Nuvation Bio in a report on Friday, July 17th. Finally, Truist Financial raised their target price on Nuvation Bio from $12.00 to $13.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Eight analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $12.38.

Nuvation Bio Price Performance

NYSE NUVB opened at $6.45 on Friday. The firm's 50 day moving average is $5.39 and its 200-day moving average is $5.30. The company has a quick ratio of 7.24, a current ratio of 7.44 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.24 billion, a PE ratio of -14.99 and a beta of 1.52. Nuvation Bio Inc. has a 12-month low of $2.18 and a 12-month high of $9.75.

Nuvation Bio (NYSE:NUVB - Get Free Report) last released its earnings results on Monday, May 4th. The company reported $0.01 earnings per share for the quarter, beating analysts' consensus estimates of ($0.03) by $0.04. Nuvation Bio had a negative net margin of 102.06% and a negative return on equity of 44.10%. The business had revenue of $83.23 million during the quarter, compared to the consensus estimate of $66.22 million. Equities research analysts anticipate that Nuvation Bio Inc. will post -0.39 earnings per share for the current fiscal year.

About Nuvation Bio

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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