Geode Capital Management LLC Purchases 922,503 Shares of Nuvation Bio Inc. (NYSE:NUVB)

Geode Capital Management LLC increased its holdings in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 22.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,951,195 shares of the company's stock after buying an additional 922,503 shares during the quarter. Geode Capital Management LLC owned 1.47% of Nuvation Bio worth $13,174,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Abacus Planning Group Inc. purchased a new position in Nuvation Bio during the fourth quarter valued at approximately $44,000. Cibc World Markets Corp bought a new position in Nuvation Bio in the 4th quarter worth $45,000. LPL Financial LLC increased its stake in Nuvation Bio by 27.0% in the 4th quarter. LPL Financial LLC now owns 31,348 shares of the company's stock worth $83,000 after buying an additional 6,673 shares in the last quarter. Pictet Asset Management Holding SA bought a new stake in Nuvation Bio during the fourth quarter valued at about $90,000. Finally, Ieq Capital LLC purchased a new position in shares of Nuvation Bio in the fourth quarter valued at about $98,000. 61.67% of the stock is currently owned by institutional investors.

Nuvation Bio Stock Performance

Shares of NYSE NUVB remained flat at $2.13 during midday trading on Friday. The stock had a trading volume of 2,072,135 shares, compared to its average volume of 2,105,400. Nuvation Bio Inc. has a 12-month low of $1.54 and a 12-month high of $3.97. The firm has a market capitalization of $721.39 million, a price-to-earnings ratio of -0.98 and a beta of 1.47. The business's 50-day moving average price is $1.95 and its 200 day moving average price is $2.37.

Wall Street Analysts Forecast Growth

NUVB has been the subject of several recent analyst reports. Citizens Jmp started coverage on Nuvation Bio in a research note on Wednesday. They issued a "mkt outperform" rating and a $6.00 price target for the company. HC Wainwright cut their price objective on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, March 10th. Citigroup assumed coverage on Nuvation Bio in a report on Wednesday. They issued an "outperform" rating on the stock. Royal Bank of Canada reissued an "outperform" rating and set a $10.00 price target (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Finally, Jones Trading assumed coverage on Nuvation Bio in a research note on Wednesday, March 12th. They issued a "buy" rating and a $10.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $7.83.

Insider Activity at Nuvation Bio

In other Nuvation Bio news, CEO David Hung acquired 200,000 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were bought at an average cost of $1.66 per share, with a total value of $332,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 58,481,054 shares in the company, valued at $97,078,549.64. This represents a 0.34 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.93% of the stock is currently owned by company insiders.

About Nuvation Bio

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.