Geode Capital Management LLC Increases Holdings in Nuvation Bio Inc. (NYSE:NUVB)

Geode Capital Management LLC lifted its stake in shares of Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 5.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,028,692 shares of the company's stock after purchasing an additional 196,247 shares during the period. Geode Capital Management LLC owned 1.62% of Nuvation Bio worth $9,227,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. B. Riley Wealth Advisors Inc. purchased a new stake in Nuvation Bio in the second quarter worth $29,000. EverSource Wealth Advisors LLC increased its holdings in Nuvation Bio by 913.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company's stock worth $32,000 after acquiring an additional 10,000 shares during the last quarter. Xponance Inc. bought a new stake in Nuvation Bio in the 2nd quarter valued at about $33,000. Caxton Associates LP purchased a new stake in Nuvation Bio during the second quarter valued at about $43,000. Finally, Choreo LLC bought a new position in Nuvation Bio during the second quarter worth about $47,000. Institutional investors own 61.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on NUVB shares. Royal Bank of Canada boosted their price target on shares of Nuvation Bio from $5.00 to $6.00 and gave the company an "outperform" rating in a research report on Thursday, November 7th. Wedbush reissued an "outperform" rating and set a $5.00 target price on shares of Nuvation Bio in a report on Monday, December 23rd. Finally, HC Wainwright cut their price target on Nuvation Bio from $8.00 to $7.00 and set a "buy" rating for the company in a report on Monday, September 16th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $6.60.

Nuvation Bio Stock Performance

NYSE NUVB traded down $0.07 on Thursday, hitting $2.59. The stock had a trading volume of 2,139,118 shares, compared to its average volume of 1,598,629. The firm has a 50-day moving average of $2.68 and a 200-day moving average of $2.83. Nuvation Bio Inc. has a 52-week low of $1.43 and a 52-week high of $4.16. The company has a market capitalization of $871.71 million, a price-to-earnings ratio of -1.19 and a beta of 1.46.

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

Insider Transactions at Nuvation Bio

In related news, Director Robert Mashal acquired 100,000 shares of the stock in a transaction dated Tuesday, October 8th. The shares were purchased at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the transaction, the director now owns 100,000 shares in the company, valued at $220,000. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. 5.07% of the stock is owned by 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.