Bank of New York Mellon Corp Invests $3.80 Million in Nuvation Bio Inc. $NUVB

Key Points

• Bank of New York Mellon acquired 669,687 Nuvation Bio shares worth approximately $3.8 million, while institutional investors collectively own 61.67% of the company.
• Nuvation Bio reported quarterly revenue of $31.69 million, exceeding estimates, but its adjusted loss of $0.15 per share slightly missed expectations. The company remains unprofitable, with a negative net margin of 88.18%.
• Analyst sentiment is generally positive: 10 analysts rate the stock a Buy, two recommend Hold, and one recommends Sell, producing a consensus “Moderate Buy” rating and a $13 price target versus the reported $6.79 share price.

Bank of New York Mellon Corp acquired a new stake in shares of Nuvation Bio Inc. (NYSE:NUVB - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 669,687 shares of the company's stock, valued at approximately $3,804,000. Bank of New York Mellon Corp owned about 0.19% of Nuvation Bio at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake 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 grew its position in Nuvation Bio by 52.4% during the first 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 raised its stake in shares of Nuvation Bio by 19.9% during the third quarter. Dimensional Fund Advisors LP now owns 3,321,249 shares of the company's stock worth $12,276,000 after acquiring an additional 551,508 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Nuvation Bio by 852.2% during the fourth 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 lifted its holdings in shares of 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 during the last quarter. 61.67% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Nuvation Bio

In other news, Director Robert Mashal bought 25,000 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was bought at an average cost of $4.73 per share, for a total transaction of $118,250.00. Following the completion of the acquisition, the director owned 225,000 shares in the company, valued at approximately $1,064,250. This trade represents a 12.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kerry Wentworth sold 63,000 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $6.02, for a total value of $379,260.00. Following the completion of the sale, the insider directly owned 53,000 shares in the company, valued at $319,060. The trade was a 54.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 335,668 shares of company stock valued at $2,128,495. Company insiders own 30.11% of the company's stock.

Nuvation Bio Stock Up 0.3%

Shares of Nuvation Bio stock opened at $6.79 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 8.14 and a current ratio of 8.37. Nuvation Bio Inc. has a 52-week low of $2.99 and a 52-week high of $9.75. The company's 50 day moving average price is $6.35 and its 200-day moving average price is $5.39. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -15.43 and a beta of 1.52.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted 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). The firm had revenue of $31.69 million for the quarter, compared to the consensus estimate of $27.03 million. Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. Equities research analysts forecast that Nuvation Bio Inc. will post -0.34 EPS for the current year.

Wall Street Analyst Weigh In

NUVB has been the subject of a number of research reports. HC Wainwright upped their price objective on shares of Nuvation Bio from $17.00 to $21.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Citigroup reiterated a "market outperform" rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. Cantor Fitzgerald started coverage on shares of Nuvation Bio in a research note on Friday, August 21st. They issued an "overweight" rating for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Nuvation Bio in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. started coverage on shares of Nuvation Bio in a research report on Tuesday, August 18th. They set an "overweight" rating and a $13.00 price target for the company. Ten 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 data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.00.

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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