Verition Fund Management LLC Trims Holdings in Nuvation Bio Inc. (NYSE:NUVB)

Verition Fund Management LLC reduced its holdings in shares of Nuvation Bio Inc. (NYSE:NUVB) by 50.1% in the third quarter, HoldingsChannel reports. The fund owned 13,375 shares of the company’s stock after selling 13,409 shares during the period. Verition Fund Management LLC’s holdings in Nuvation Bio were worth $31,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Walleye Capital LLC boosted its holdings in Nuvation Bio by 97.2% in the third quarter. Walleye Capital LLC now owns 195,131 shares of the company’s stock worth $447,000 after acquiring an additional 96,184 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Nuvation Bio in the 3rd quarter worth about $165,000. FMR LLC boosted its stake in Nuvation Bio by 1.4% in the 3rd quarter. FMR LLC now owns 29,238,871 shares of the company’s stock worth $66,957,000 after purchasing an additional 416,932 shares in the last quarter. Meridian Wealth Management LLC grew its position in Nuvation Bio by 47.0% during the 3rd quarter. Meridian Wealth Management LLC now owns 82,840 shares of the company’s stock valued at $190,000 after purchasing an additional 26,495 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Nuvation Bio by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company’s stock valued at $3,192,000 after purchasing an additional 60,590 shares during the last quarter. Institutional investors own 61.67% of the company’s stock.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal purchased 100,000 shares of Nuvation Bio stock in a transaction dated Tuesday, October 8th. The stock was purchased at an average price of $2.20 per share, with a total value of $220,000.00. Following the transaction, the director now directly owns 100,000 shares of the company’s stock, valued at $220,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.07% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on NUVB. Wedbush reaffirmed an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a report on Thursday, November 7th. HC Wainwright decreased their price objective on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, September 16th. Finally, Royal Bank of Canada increased their target price on Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $6.60.

Nuvation Bio Stock Up 4.6 %

Shares of NYSE NUVB opened at $2.82 on Wednesday. The firm’s 50-day moving average price is $2.59 and its 200-day moving average price is $2.84. Nuvation Bio Inc. has a 52-week low of $1.37 and a 52-week high of $4.16. The company has a market cap of $947.44 million, a PE ratio of -1.30 and a beta of 1.46.

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