Geode Capital Management LLC Grows Stake in Nuvation Bio Inc. (NYSE:NUVB)

Geode Capital Management LLC increased its position in shares of Nuvation Bio Inc. (NYSE:NUVB) by 5.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,028,692 shares of the company’s stock after purchasing an additional 196,247 shares during the quarter. Geode Capital Management LLC’s holdings in Nuvation Bio were worth $9,227,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of NUVB. Frazier Life Sciences Management L.P. purchased a new position in shares of Nuvation Bio in the third quarter valued at $2,790,000. XTX Topco Ltd acquired a new position in Nuvation Bio during the third quarter worth about $302,000. Zacks Investment Management lifted its holdings in shares of Nuvation Bio by 21.5% in the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after purchasing an additional 6,394 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Nuvation Bio by 83.3% in the third quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock valued at $1,429,000 after purchasing an additional 283,642 shares during the last quarter. Finally, Wexford Capital LP increased its stake in shares of Nuvation Bio by 930.2% during the 3rd quarter. Wexford Capital LP now owns 651,767 shares of the company’s stock worth $1,493,000 after purchasing an additional 588,500 shares in the last quarter. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

Nuvation Bio Stock Performance

NUVB opened at $2.66 on Thursday. Nuvation Bio Inc. has a 1 year low of $1.43 and a 1 year high of $4.16. The company’s 50 day simple moving average is $2.67 and its 200 day simple moving average is $2.83. The stock has a market capitalization of $895.27 million, a PE ratio of -1.23 and a beta of 1.46.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) 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, sell-side analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NUVB has been the topic of a number of recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Monday, December 23rd. Royal Bank of Canada lifted their target price 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. Finally, HC Wainwright reduced their price target on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $6.60.

Insider Activity

In related news, Director Robert Mashal bought 100,000 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was bought at an average price of $2.20 per share, with a total value 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. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 5.07% of the company’s stock.

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.