37,829 Shares in Nuvation Bio Inc. (NYSE:NUVB) Acquired by Arizona State Retirement System

Arizona State Retirement System bought a new stake in shares of Nuvation Bio Inc. (NYSE:NUVB) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 37,829 shares of the company’s stock, valued at approximately $110,000.

A number of other hedge funds also recently modified their holdings of the business. Rhumbline Advisers grew its holdings in shares of Nuvation Bio by 25.7% during the second quarter. Rhumbline Advisers now owns 260,939 shares of the company’s stock valued at $762,000 after buying an additional 53,389 shares in the last quarter. Principal Financial Group Inc. grew its stake in Nuvation Bio by 58.7% during the 2nd quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock valued at $76,000 after acquiring an additional 9,603 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Nuvation Bio by 198.7% in the 2nd quarter. Panagora Asset Management Inc. now owns 633,676 shares of the company’s stock valued at $1,850,000 after purchasing an additional 421,563 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Nuvation Bio in the second quarter worth approximately $126,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Nuvation Bio by 33.6% during the second quarter. Bank of New York Mellon Corp now owns 626,905 shares of the company’s stock worth $1,831,000 after purchasing an additional 157,511 shares during the period. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Tuesday, August 6th. HC Wainwright reduced 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. Finally, Wedbush restated an “outperform” rating and issued a $5.00 price objective on shares of Nuvation Bio in a report on Wednesday, September 11th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Nuvation Bio currently has an average rating of “Buy” and an average target price of $6.40.

Insiders Place Their Bets

In other Nuvation Bio news, Director Xiangmin Cui purchased 336,874 shares of the stock in a transaction dated Monday, June 24th. The shares were bought at an average cost of $2.98 per share, with a total value of $1,003,884.52. Following the completion of the transaction, the director now owns 2,175,236 shares in the company, valued at approximately $6,482,203.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.09% of the company’s stock.

Nuvation Bio Stock Performance

NUVB opened at $2.90 on Thursday. The company has a market cap of $722.80 million, a PE ratio of -9.35 and a beta of 1.38. The stock has a 50-day moving average of $3.12 and a 200-day moving average of $3.00. Nuvation Bio Inc. has a 52-week low of $0.95 and a 52-week high of $4.16.

Nuvation Bio (NYSE:NUVB) last announced its earnings results 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 business had revenue of $1.44 million during the quarter. On average, research analysts predict that Nuvation Bio Inc. will post -0.33 earnings per share 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.