Bank of America Corp DE Sells 589,599 Shares of Nuvation Bio Inc. $NUVB

Key Points

• Bank of America reduced its Nuvation Bio position by 15.5%, selling 589,599 shares and retaining 3.22 million shares worth approximately $13.8 million. Institutional investors collectively own 61.67% of the company.
• Analyst sentiment remains broadly positive, with 10 Buy ratings, two Holds and one Sell. Nuvation Bio has a consensus rating of Moderate Buy and an average price target of $13.
• Nuvation Bio reported quarterly revenue of $31.69 million, above expectations, but its $0.15-per-share loss missed estimates. The clinical-stage biotechnology company is developing small-molecule cancer therapies and is expected to post a full-year loss of $0.34 per share.

Bank of America Corp DE trimmed its holdings in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 15.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,219,826 shares of the company's stock after selling 589,599 shares during the period. Bank of America Corp DE owned about 0.92% of Nuvation Bio worth $13,813,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of 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 increased its holdings in Nuvation Bio by 52.4% in the 1st quarter. Millennium Management LLC now owns 3,774,003 shares of the company's stock valued at $6,642,000 after acquiring an additional 1,298,131 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Nuvation Bio by 19.9% in 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 last quarter. Price T Rowe Associates Inc. MD lifted its stake 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 purchasing an additional 2,424,109 shares in the last quarter. Finally, Two Sigma Investments LP lifted its stake 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 purchasing an additional 1,162,837 shares in the last quarter. Institutional investors own 61.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NUVB. Truist Financial increased their price target on Nuvation Bio from $12.00 to $13.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nuvation Bio in a research note on Friday, July 17th. Cantor Fitzgerald assumed coverage on Nuvation Bio in a report on Friday. They set an "overweight" rating on the stock. Citigroup reiterated a "market outperform" rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. Finally, Wedbush reissued an "outperform" rating and issued a $11.00 target price on shares of Nuvation Bio in a report on Thursday, July 23rd. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $13.00.

Insider Buying and Selling

In other Nuvation Bio news, insider Stacy Markel sold 125,000 shares of the company's stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total value of $753,750.00. Following the completion of the sale, the insider directly owned 32,591 shares in the company, valued at approximately $196,523.73. This represents a 79.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Philippe Sauvage sold 47,668 shares of the stock in a transaction 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 transaction, the chief financial officer directly 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. Insiders have sold 335,668 shares of company stock valued at $2,128,495 over the last 90 days. 30.11% of the stock is owned by insiders.

Nuvation Bio Price Performance

NUVB opened at $6.92 on Friday. The business has a fifty day moving average of $6.11 and a 200 day moving average of $5.31. The stock has a market cap of $2.43 billion, a P/E ratio of -15.73 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 Inc. has a 52-week low of $2.76 and a 52-week high of $9.75.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.15) earnings per share (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 for the quarter, compared to analysts' expectations of $27.03 million. As a group, sell-side analysts anticipate that Nuvation Bio Inc. will post -0.34 EPS for the current 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.

Want to see what other hedge funds are holding NUVB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Nuvation Bio Inc. (NYSE:NUVB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source