The Manufacturers Life Insurance Company Reduces Stake in Nuvation Bio Inc. $NUVB

The Manufacturers Life Insurance Company trimmed its position in shares of Nuvation Bio Inc. (NYSE:NUVB) by 62.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 104,682 shares of the company’s stock after selling 174,149 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Nuvation Bio were worth $449,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Parallel Advisors LLC raised its stake in shares of Nuvation Bio by 51.9% during the 3rd quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock worth $28,000 after buying an additional 2,597 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Nuvation Bio in the 4th quarter valued at about $71,000. KBC Group NV acquired a new stake in Nuvation Bio in the 1st quarter valued at about $37,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Nuvation Bio during the 1st quarter valued at about $43,000. Finally, Cornerstone Wealth Management LLC purchased a new position in Nuvation Bio during the 4th quarter valued at about $100,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

Insider Activity at Nuvation Bio

In related news, CFO Philippe Sauvage sold 47,668 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $6.01, for a total value of $286,484.68. Following the completion of the sale, the chief financial officer directly owned 12,673 shares in the company, valued at approximately $76,164.73. The trade was a 79.00% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stacy Markel sold 125,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $6.03, for a total transaction of $753,750.00. Following the transaction, the insider directly owned 32,591 shares of the company’s stock, valued at $196,523.73. This trade represents a 79.32% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 235,668 shares of company stock valued at $1,419,495 in the last ninety days. 30.11% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on NUVB. Wedbush reaffirmed an “outperform” rating and issued a $11.00 price target on shares of Nuvation Bio in a report on Thursday, July 23rd. B. Riley Financial reissued a “buy” rating on shares of Nuvation Bio in a research note on Friday, August 7th. Royal Bank Of Canada lifted their price objective on Nuvation Bio from $19.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. HC Wainwright upped their target price on Nuvation Bio from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, Zacks Research raised Nuvation Bio from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.00.

Nuvation Bio Stock Up 2.2%

Shares of NYSE:NUVB opened at $6.24 on Friday. The stock’s 50-day moving average price is $5.90 and its two-hundred day moving average price is $5.26. The company has a current ratio of 8.37, a quick ratio of 8.14 and a debt-to-equity ratio of 0.96. Nuvation Bio Inc. has a 12-month low of $2.57 and a 12-month high of $9.75. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -14.17 and a beta of 1.52.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The company had revenue of $31.69 million for the quarter, compared to analyst estimates of $27.03 million. Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. On average, research analysts forecast that Nuvation Bio Inc. will post -0.39 EPS for the current year.

Nuvation Bio Company Profile

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.