State Street Corp Buys 191,031 Shares of Nuvation Bio Inc. (NYSE:NUVB)

State Street Corp boosted its holdings in Nuvation Bio Inc. (NYSE:NUVB) by 4.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,166,441 shares of the company’s stock after acquiring an additional 191,031 shares during the quarter. State Street Corp’s holdings in Nuvation Bio were worth $9,541,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NUVB. Principal Financial Group Inc. boosted its stake in shares of Nuvation Bio by 58.7% in the 2nd quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock worth $76,000 after buying an additional 9,603 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Nuvation Bio by 913.2% during the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock worth $32,000 after acquiring an additional 10,000 shares during the period. B. Riley Wealth Advisors Inc. purchased a new position in Nuvation Bio in the second quarter worth $29,000. Xponance Inc. bought a new position in Nuvation Bio in the 2nd quarter valued at $33,000. Finally, Caxton Associates LP bought a new position in Nuvation Bio in the 2nd quarter valued at $43,000. 61.67% of the stock is owned by institutional investors.

Nuvation Bio Stock Performance

Shares of NUVB opened at $2.82 on Friday. The firm has a market cap of $949.12 million, a P/E ratio of -1.30 and a beta of 1.46. Nuvation Bio Inc. has a fifty-two week low of $1.43 and a fifty-two week high of $4.16. The business has a 50-day moving average of $2.65 and a 200 day moving average of $2.83.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $0.73 million for the quarter. As a group, research analysts predict that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. HC Wainwright cut their price target on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Monday. Finally, Royal Bank of Canada raised their price target on shares of Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $6.60.

Insider Activity

In other Nuvation Bio news, Director Robert Mashal purchased 100,000 shares of Nuvation Bio stock in a transaction on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, for a total transaction of $220,000.00. Following the completion of the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $220,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.07% of the company’s stock.

Nuvation Bio 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.