Panagora Asset Management Inc. Buys 421,563 Shares of Nuvation Bio Inc. (NYSE:NUVB)

Panagora Asset Management Inc. grew its stake in Nuvation Bio Inc. (NYSE:NUVB) by 198.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 633,676 shares of the company’s stock after buying an additional 421,563 shares during the period. Panagora Asset Management Inc. owned 0.26% of Nuvation Bio worth $1,850,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NUVB. Beacon Pointe Advisors LLC acquired a new position in shares of Nuvation Bio in the 4th quarter valued at about $33,000. Gladius Capital Management LP lifted its stake in Nuvation Bio by 92.6% in the fourth quarter. Gladius Capital Management LP now owns 30,967 shares of the company’s stock valued at $47,000 after buying an additional 14,885 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Nuvation Bio during the 1st quarter worth approximately $79,000. Pinnacle Wealth Planning Services Inc. acquired a new stake in shares of Nuvation Bio during the 1st quarter worth approximately $105,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Nuvation Bio in the 2nd quarter valued at $126,000. 61.67% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Nuvation Bio

In related news, Director Xiangmin Cui acquired 336,874 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was purchased at an average cost of $2.98 per share, with a total value of $1,003,884.52. Following the acquisition, the director now owns 2,175,236 shares of the company’s stock, valued at approximately $6,482,203.28. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Xiangmin Cui acquired 336,874 shares of the business’s stock in a transaction on Monday, June 24th. The shares were purchased at an average cost of $2.98 per share, with a total value of $1,003,884.52. Following the acquisition, the director now directly owns 2,175,236 shares of the company’s stock, valued at $6,482,203.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kim D. Blickenstaff bought 172,189 shares of the stock in a transaction dated Tuesday, June 11th. The stock was purchased at an average price of $2.90 per share, with a total value of $499,348.10. Following the acquisition, the director now owns 172,189 shares of the company’s stock, valued at $499,348.10. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 596,778 shares of company stock worth $1,765,500. Insiders own 36.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on NUVB shares. Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research note on Thursday, August 22nd. HC Wainwright reiterated a “buy” rating and set a $8.00 price objective on shares of Nuvation Bio in a report on Wednesday, July 17th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Nuvation Bio currently has an average rating of “Buy” and an average price target of $6.60.

Nuvation Bio Trading Up 0.6 %

NYSE NUVB opened at $3.22 on Friday. The company has a fifty day simple moving average of $3.13 and a 200 day simple moving average of $2.90. Nuvation Bio Inc. has a 12-month low of $0.95 and a 12-month high of $4.16. The company has a market cap of $795.89 million, a P/E ratio of -10.39 and a beta of 1.40.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.09). The firm had revenue of $1.44 million for the quarter. Sell-side analysts predict that Nuvation Bio Inc. will post -0.33 EPS for the current year.

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.