Millennium Management LLC Boosts Stake in Nuvation Bio Inc. (NYSE:NUVB)

Millennium Management LLC increased its stake in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 82.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,475,872 shares of the company's stock after acquiring an additional 1,120,874 shares during the period. Millennium Management LLC owned about 0.74% of Nuvation Bio worth $6,586,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of NUVB. Forum Financial Management LP bought a new stake in shares of Nuvation Bio in the 4th quarter valued at about $29,000. Cerity Partners LLC bought a new stake in shares of Nuvation Bio in the 4th quarter valued at about $31,000. Russell Investments Group Ltd. lifted its stake in shares of Nuvation Bio by 15,183.7% in the 4th quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company's stock valued at $42,000 after acquiring an additional 15,791 shares during the last quarter. Abacus Planning Group Inc. bought a new stake in shares of Nuvation Bio in the 4th quarter valued at about $44,000. Finally, Cibc World Markets Corp bought a new stake in shares of Nuvation Bio in the 4th quarter valued at about $45,000. Institutional investors own 61.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on NUVB shares. Wedbush restated an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a report on Thursday, May 15th. JMP Securities started coverage on Nuvation Bio in a report on Wednesday, April 23rd. They set a "market outperform" rating and a $6.00 price target on the stock. HC Wainwright reduced their price target on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, March 10th. Citizens Jmp started coverage on Nuvation Bio in a report on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 price target on the stock. Finally, Citigroup started coverage on Nuvation Bio in a report on Wednesday, April 23rd. They set an "outperform" rating on the stock. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Nuvation Bio currently has an average rating of "Buy" and an average target price of $7.83.

Nuvation Bio Stock Performance

Shares of NUVB traded down $0.14 during mid-day trading on Friday, reaching $2.12. The company had a trading volume of 4,769,148 shares, compared to its average volume of 2,356,142. The firm has a 50-day moving average price of $2.04 and a 200 day moving average price of $2.32. Nuvation Bio Inc. has a 52 week low of $1.54 and a 52 week high of $3.97. The company has a market capitalization of $721.36 million, a price-to-earnings ratio of -0.98 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.16) EPS for the quarter, hitting analysts' consensus estimates of ($0.16). The company had revenue of $3.08 million during the quarter, compared to the consensus estimate of $0.42 million. As a group, research analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity at Nuvation Bio

In other news, CEO David Hung purchased 200,000 shares of the stock in a transaction dated Friday, April 4th. The shares were purchased at an average cost of $1.66 per share, with a total value of $332,000.00. Following the acquisition, the chief executive officer now directly owns 58,481,054 shares of the company's stock, valued at $97,078,549.64. This represents a 0.34% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Dongfang Liu sold 20,000 shares of the stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $2.50, for a total value of $50,000.00. Following the transaction, the insider now directly owns 12,000 shares in the company, valued at $30,000. The trade was a 62.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. 29.93% of the stock is currently owned by insiders.

Nuvation Bio Company Profile

Nuvation Bio Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutic candidates for oncology. The company's lead product candidate is NUV-868, a BD2 selective oral small molecule BET inhibitor that epigenetically regulates proteins that control tumor growth and differentiation, including oncogenes comprising c-myc; NUV-1156, an AR binder Xtandi that address advanced stage prostate cancers with the potential to move into earlier lines typically treated with surgical prostatectomy; and drug-drug conjugate (DDC) platform which leverages a novel therapeutic approach within the drug-conjugate class of anti-cancer therapies to deliver anti-cancer therapeutics to cancer cells, as well as NUV-1176, a PARP inhibitor to address ER+ breast and ovarian cancer.