Renaissance Technologies LLC Has $1.51 Million Stake in Nuvation Bio Inc. (NYSE:NUVB)

Renaissance Technologies LLC trimmed its stake in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by 44.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 566,800 shares of the company's stock after selling 462,200 shares during the quarter. Renaissance Technologies LLC owned 0.17% of Nuvation Bio worth $1,508,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in Nuvation Bio by 5.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company's stock worth $9,227,000 after buying an additional 196,247 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Nuvation Bio by 479.1% in the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company's stock worth $1,014,000 after acquiring an additional 366,429 shares during the last quarter. Peapod Lane Capital LLC purchased a new stake in shares of Nuvation Bio during the fourth quarter worth $1,042,000. Palumbo Wealth Management LLC boosted its position in Nuvation Bio by 297.4% during the fourth quarter. Palumbo Wealth Management LLC now owns 65,360 shares of the company's stock valued at $174,000 after purchasing an additional 48,914 shares during the last quarter. Finally, Abacus Planning Group Inc. purchased a new position in Nuvation Bio in the fourth quarter valued at about $44,000. 61.67% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Nuvation Bio

In related news, CEO David Hung purchased 200,000 shares of the firm's stock in a transaction on Friday, April 4th. The shares were bought at an average cost of $1.66 per share, for a total transaction of $332,000.00. Following the transaction, the chief executive officer now directly owns 58,481,054 shares of the company's stock, valued at approximately $97,078,549.64. This trade represents a 0.34 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 29.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NUVB. Citizens Jmp initiated coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They set a "mkt outperform" rating and a $6.00 price target for the company. Wedbush reiterated an "outperform" rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, March 27th. Jones Trading started coverage on shares of Nuvation Bio in a research report on Wednesday, March 12th. They issued a "buy" rating and a $10.00 target price for the company. JMP Securities initiated coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They set a "market outperform" rating and a $6.00 price target on the stock. Finally, Citigroup initiated coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They issued an "outperform" rating for the company. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $7.83.

Nuvation Bio Stock Performance

Shares of NYSE:NUVB opened at $2.16 on Tuesday. The stock's 50-day moving average is $1.95 and its 200-day moving average is $2.37. The company has a market cap of $731.55 million, a P/E ratio of -1.00 and a beta of 1.47. Nuvation Bio Inc. has a 52-week low of $1.54 and a 52-week high of $3.97.

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.

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