Fmr LLC Has $66.96 Million Stake in Nuvation Bio Inc. (NYSE:NUVB)

FMR LLC grew its holdings in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,238,871 shares of the company's stock after buying an additional 416,932 shares during the period. FMR LLC owned 11.73% of Nuvation Bio worth $66,957,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Nuvation Bio by 3.0% during the first quarter. Vanguard Group Inc. now owns 7,534,148 shares of the company's stock worth $27,424,000 after purchasing an additional 219,533 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Nuvation Bio by 33.6% during the second quarter. Bank of New York Mellon Corp now owns 626,905 shares of the company's stock worth $1,831,000 after purchasing an additional 157,511 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Nuvation Bio during the second quarter worth approximately $126,000. Panagora Asset Management Inc. increased its stake in shares of Nuvation Bio by 198.7% during the second quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company's stock worth $1,850,000 after purchasing an additional 421,563 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Nuvation Bio by 58.7% during the second quarter. Principal Financial Group Inc. now owns 25,950 shares of the company's stock worth $76,000 after purchasing an additional 9,603 shares during the period. 61.67% of the stock is owned by institutional investors and hedge funds.

Nuvation Bio Price Performance

Nuvation Bio stock traded up $0.08 during mid-day trading on Friday, reaching $2.85. 2,189,946 shares of the company were exchanged, compared to its average volume of 2,654,901. The company has a fifty day simple moving average of $2.53 and a 200-day simple moving average of $2.86. Nuvation Bio Inc. has a 12 month low of $1.27 and a 12 month high of $4.16. The firm has a market cap of $959.22 million, a PE ratio of -1.31 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.13) by ($0.02). The business had revenue of $0.73 million during the quarter. Sell-side analysts anticipate that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Insider Activity

In other Nuvation Bio news, Director Robert Mashal purchased 100,000 shares of the firm's stock in a transaction dated Tuesday, October 8th. The shares were bought at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now owns 100,000 shares in the company, valued at approximately $220,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wedbush reiterated an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, November 7th. HC Wainwright lowered their target price on Nuvation Bio from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, September 16th. Finally, Royal Bank of Canada increased their target price on Nuvation Bio from $5.00 to $6.00 and gave the stock an "outperform" rating in a research note on Thursday, November 7th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $6.60.

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.