Vanguard Group Inc. Acquires 4,913,820 Shares of Nuvation Bio Inc. (NYSE:NUVB)

Vanguard Group Inc. lifted its position in shares of Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 45.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,732,567 shares of the company's stock after purchasing an additional 4,913,820 shares during the period. Vanguard Group Inc. owned 4.67% of Nuvation Bio worth $41,849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NUVB. Abacus Planning Group Inc. bought a new stake in Nuvation Bio during the fourth quarter worth $44,000. Cibc World Markets Corp purchased a new position in shares of Nuvation Bio in the 4th quarter worth about $45,000. LPL Financial LLC increased its holdings in Nuvation Bio by 27.0% during the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company's stock worth $83,000 after buying an additional 6,673 shares during the last quarter. Ieq Capital LLC bought a new stake in Nuvation Bio in the fourth quarter worth about $98,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Nuvation Bio during the 4th quarter valued at approximately $116,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO David Hung purchased 200,000 shares of Nuvation Bio 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 purchase, the chief executive officer now directly owns 58,481,054 shares in the company, valued at approximately $97,078,549.64. This trade represents a 0.34 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 5.07% of the stock is currently owned by insiders.

Nuvation Bio Trading Up 2.4 %

Shares of NUVB stock traded up $0.05 during trading hours on Thursday, reaching $1.93. The company's stock had a trading volume of 816,966 shares, compared to its average volume of 2,764,274. Nuvation Bio Inc. has a one year low of $1.54 and a one year high of $3.97. The stock has a market capitalization of $651.96 million, a P/E ratio of -0.89 and a beta of 1.47. The firm's fifty day simple moving average is $1.99 and its 200 day simple moving average is $2.38.

Analysts Set New Price Targets

A number of research firms recently commented on NUVB. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Wedbush reiterated an "outperform" rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Thursday, March 27th. Jones Trading began coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They set a "buy" rating and a $10.00 target price for the company. Finally, HC Wainwright dropped their price objective on Nuvation Bio from $11.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, March 10th.

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.