Geode Capital Management LLC Acquires 864,194 Shares of Nuvation Bio Inc. $NUVB

Geode Capital Management LLC lifted its stake in Nuvation Bio Inc. (NYSE:NUVB) by 16.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,994,798 shares of the company’s stock after buying an additional 864,194 shares during the period. Geode Capital Management LLC owned approximately 1.76% of Nuvation Bio worth $11,691,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Exome Asset Management LLC bought a new stake in shares of Nuvation Bio during the 1st quarter valued at $170,000. American Century Companies Inc. raised its stake in Nuvation Bio by 18.3% in the first quarter. American Century Companies Inc. now owns 486,535 shares of the company’s stock valued at $856,000 after purchasing an additional 75,362 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Nuvation Bio during the second quarter worth about $207,000. AWM Investment Company Inc. acquired a new stake in Nuvation Bio during the first quarter worth about $1,144,000. Finally, Brighton Jones LLC acquired a new stake in Nuvation Bio during the second quarter worth about $120,000. Institutional investors own 61.67% of the company’s stock.

Analysts Set New Price Targets

NUVB has been the subject of a number of recent analyst reports. Citigroup reaffirmed a “market outperform” rating on shares of Nuvation Bio in a report on Tuesday, November 4th. B. Riley assumed coverage on shares of Nuvation Bio in a research report on Wednesday, November 19th. They set a “buy” rating and a $12.00 price objective for the company. Jefferies Financial Group initiated coverage on Nuvation Bio in a research note on Tuesday, September 30th. They set a “buy” rating and a $10.00 target price for the company. Citizens Jmp raised their target price on Nuvation Bio from $8.00 to $10.00 and gave the company a “market outperform” rating in a report on Thursday, November 20th. Finally, Royal Bank Of Canada lifted their price target on Nuvation Bio from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $9.67.

Insider Activity

In other Nuvation Bio news, insider Dongfang Liu sold 15,000 shares of the stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $5.10, for a total value of $76,500.00. Following the completion of the transaction, the insider directly owned 18,000 shares in the company, valued at approximately $91,800. This trade represents a 45.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary Hattersley sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $5.02, for a total value of $502,000.00. The SEC filing for this sale provides additional information. Insiders sold 170,000 shares of company stock valued at $877,800 over the last quarter. Corporate insiders own 29.93% of the company’s stock.

Nuvation Bio Stock Performance

Shares of Nuvation Bio stock opened at $7.51 on Wednesday. The company’s 50 day moving average price is $4.91 and its two-hundred day moving average price is $3.34. The firm has a market capitalization of $2.57 billion, a P/E ratio of -11.73 and a beta of 1.58. Nuvation Bio Inc. has a fifty-two week low of $1.54 and a fifty-two week high of $8.24. The company has a debt-to-equity ratio of 0.14, a current ratio of 8.48 and a quick ratio of 8.39.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Monday, November 3rd. The company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.01. Nuvation Bio had a negative return on equity of 54.99% and a negative net margin of 813.07%.The company had revenue of $13.12 million during the quarter, compared to analysts’ expectations of $7.48 million. On average, equities analysts forecast that Nuvation Bio Inc. will post -0.36 earnings per share for the current fiscal year.

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.