Handelsbanken Fonder AB Buys New Position in Nuvation Bio Inc. $NUVB

Handelsbanken Fonder AB purchased a new position in shares of Nuvation Bio Inc. (NYSE:NUVB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 128,900 shares of the company’s stock, valued at approximately $732,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Parallel Advisors LLC boosted its holdings in 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 acquiring an additional 2,597 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Nuvation Bio in the 4th quarter worth $71,000. KBC Group NV purchased a new stake in shares of Nuvation Bio in the first quarter valued at about $37,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Nuvation Bio in the first quarter valued at about $43,000. Finally, Cornerstone Wealth Management LLC bought a new position in shares of Nuvation Bio during the fourth quarter valued at about $100,000. 61.67% of the stock is owned by hedge funds and other institutional investors.

Nuvation Bio Stock Performance

NYSE NUVB opened at $6.86 on Friday. Nuvation Bio Inc. has a 52-week low of $2.68 and a 52-week high of $9.75. The company has a 50-day simple moving average of $6.07 and a 200 day simple moving average of $5.30. The company has a debt-to-equity ratio of 0.96, a quick ratio of 8.14 and a current ratio of 8.37. The company has a market capitalization of $2.41 billion, a PE ratio of -15.59 and a beta of 1.52.

Nuvation Bio (NYSE:NUVB) last released its earnings results on Thursday, August 6th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Nuvation Bio had a negative net margin of 88.18% and a negative return on equity of 46.59%. The company had revenue of $31.69 million during the quarter, compared to analysts’ expectations of $27.03 million. On average, research analysts predict that Nuvation Bio Inc. will post -0.34 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NUVB shares. JPMorgan Chase & Co. started coverage on shares of Nuvation Bio in a research report on Tuesday. They issued an “overweight” rating and a $13.00 price objective for the company. Citigroup reissued a “market outperform” rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. HC Wainwright boosted their target price on Nuvation Bio from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Royal Bank Of Canada upped their target price on Nuvation Bio from $19.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Finally, Zacks Research upgraded Nuvation Bio from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Insider Activity at Nuvation Bio

In other Nuvation Bio news, insider Kerry Wentworth sold 63,000 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $6.02, for a total transaction of $379,260.00. Following the completion of the transaction, the insider directly owned 53,000 shares of the company’s stock, valued at approximately $319,060. This represents a 54.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Stacy Markel sold 125,000 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $6.03, for a total value of $753,750.00. Following the transaction, the insider directly owned 32,591 shares of the company’s stock, valued at approximately $196,523.73. This trade represents a 79.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 235,668 shares of company stock worth $1,419,495. 30.11% of the stock is currently owned by company insiders.

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.