NewEdge Advisors LLC Grows Stock Holdings in Nuvation Bio Inc. $NUVB

Key Points

• Institutional ownership increased: NewEdge Advisors raised its Nuvation Bio stake by 19.5% to 1.23 million shares, while institutional investors collectively own 61.67% of the company.
• Analyst sentiment is broadly positive: Ten analysts rate NUVB a Buy, compared with two Holds and one Sell, producing a consensus “Moderate Buy” rating and an average price target of $13 versus the recent $6.11 share price.
• Financial results remain unprofitable: Nuvation Bio reported a quarterly loss of $0.15 per share, slightly worse than estimates, despite revenue exceeding forecasts; insiders also sold 335,668 shares worth about $2.13 million over the past 90 days.

NewEdge Advisors LLC lifted its holdings in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 19.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,231,733 shares of the company's stock after acquiring an additional 200,621 shares during the period. NewEdge Advisors LLC owned approximately 0.35% of Nuvation Bio worth $6,996,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Renaissance Technologies LLC acquired a new position in shares of Nuvation Bio during the first quarter worth about $2,399,000. Ishara Investments LP acquired a new stake in shares of Nuvation Bio in the fourth quarter valued at about $3,584,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Nuvation Bio by 75.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,439,357 shares of the company's stock valued at $6,175,000 after buying an additional 619,725 shares during the period. Bank of New York Mellon Corp acquired a new position in Nuvation Bio during the 2nd quarter worth approximately $3,804,000. Finally, California State Teachers Retirement System lifted its position in Nuvation Bio by 42.2% during the 1st quarter. California State Teachers Retirement System now owns 303,784 shares of the company's stock worth $1,303,000 after acquiring an additional 90,114 shares in the last quarter. Institutional investors and hedge funds own 61.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on NUVB. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Nuvation Bio in a research report on Friday, July 17th. Zacks Research raised shares of Nuvation Bio from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Wedbush restated an "outperform" rating and issued a $11.00 target price on shares of Nuvation Bio in a research note on Thursday, July 23rd. Citigroup reaffirmed a "market outperform" rating on shares of Nuvation Bio in a report on Wednesday, June 10th. Finally, Truist Financial lifted their price target on shares of Nuvation Bio from $12.00 to $13.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. 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 company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $13.00.

Nuvation Bio Stock Up 0.6%

Shares of NYSE:NUVB opened at $6.11 on Monday. The company has a current ratio of 8.37, a quick ratio of 8.14 and a debt-to-equity ratio of 0.96. The company has a fifty day simple moving average of $6.43 and a 200 day simple moving average of $5.41. The firm has a market cap of $2.14 billion, a PE ratio of -13.88 and a beta of 1.52. Nuvation Bio Inc. has a 12-month low of $2.99 and a 12-month high of $9.75.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). The company 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%. On average, equities research analysts anticipate that Nuvation Bio Inc. will post -0.34 EPS for the current fiscal year.

Insider Transactions at Nuvation Bio

In related news, 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 value of $286,484.68. Following the completion of the sale, the chief financial officer directly owned 12,673 shares of the company's stock, valued at $76,164.73. The trade was a 79.00% decrease in their ownership of the stock. The sale was disclosed in a filing 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, insider Stacy Markel sold 125,000 shares of the company's stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $6.03, for a total value of $753,750.00. Following the sale, the insider owned 32,591 shares in the company, valued at $196,523.73. The trade was a 79.32% 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 a total of 335,668 shares of company stock valued at $2,128,495 over the last ninety days. 30.11% of the stock is currently owned by company insiders.

Nuvation Bio Company Profile

Nuvation Bio Inc is a biopharmaceutical company focused on discovering and developing medicines for patients with cancer. The company applies drug discovery, translational research and clinical development capabilities to pursue therapies for cancers with significant unmet medical needs.

Nuvation Bio's pipeline has included investigational small-molecule oncology therapies, including NUV-422, a cyclin-dependent kinase inhibitor designed to target pathways involved in cancer cell growth.

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