Point72 Asset Management L.P. Takes Position in Nuvation Bio Inc. (NYSE:NUVB)

Point72 Asset Management L.P. acquired a new position in shares of Nuvation Bio Inc. (NYSE:NUVB - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 276,714 shares of the company's stock, valued at approximately $634,000. Point72 Asset Management L.P. owned about 0.11% of Nuvation Bio at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Walleye Capital LLC raised its stake in shares of Nuvation Bio by 97.2% in the third quarter. Walleye Capital LLC now owns 195,131 shares of the company's stock worth $447,000 after acquiring an additional 96,184 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Nuvation Bio during the third quarter valued at $165,000. FMR LLC boosted its holdings in Nuvation Bio by 1.4% in the third quarter. FMR LLC now owns 29,238,871 shares of the company's stock valued at $66,957,000 after acquiring an additional 416,932 shares during the last quarter. Meridian Wealth Management LLC increased its position in Nuvation Bio by 47.0% in the third quarter. Meridian Wealth Management LLC now owns 82,840 shares of the company's stock worth $190,000 after purchasing an additional 26,495 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Nuvation Bio by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company's stock worth $3,192,000 after buying an additional 60,590 shares during the period. Institutional investors and hedge funds own 61.67% of the company's stock.

Insider Buying and Selling

In other news, Director Robert Mashal acquired 100,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 8th. The stock was acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the acquisition, the director now owns 100,000 shares in the company, valued at $220,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 5.07% of the stock is currently owned by company insiders.

Nuvation Bio Trading Down 1.7 %

Shares of NYSE NUVB traded down $0.05 during mid-day trading on Thursday, reaching $2.64. 1,209,712 shares of the company's stock were exchanged, compared to its average volume of 1,551,050. Nuvation Bio Inc. has a twelve month low of $1.33 and a twelve month high of $4.16. The firm has a market capitalization of $886.85 million, a price-to-earnings ratio of -1.21 and a beta of 1.46. The business has a fifty day simple moving average of $2.57 and a 200 day simple moving average of $2.85.

Nuvation Bio (NYSE:NUVB - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The business had revenue of $0.73 million for the quarter. Equities research analysts predict that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Analyst Ratings Changes

NUVB has been the topic of a number of analyst reports. Royal Bank of Canada increased their price target on Nuvation Bio from $5.00 to $6.00 and gave the company an "outperform" rating in a research note on Thursday, November 7th. Wedbush reaffirmed an "outperform" rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Thursday, November 7th. Finally, HC Wainwright decreased their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a "buy" rating for the company in a report on Monday, September 16th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio presently has a consensus rating of "Buy" and a consensus 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.