MPM Bioimpact LLC Invests $11.08 Million in Nuvation Bio Inc. (NYSE:NUVB)

MPM Bioimpact LLC acquired a new position in shares of Nuvation Bio Inc. (NYSE:NUVB) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,164,178 shares of the company’s stock, valued at approximately $11,077,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its stake in shares of Nuvation Bio by 479.1% during the third quarter. JPMorgan Chase & Co. now owns 442,913 shares of the company’s stock valued at $1,014,000 after buying an additional 366,429 shares during the period. Peapod Lane Capital LLC purchased a new position in shares of Nuvation Bio in the 4th quarter valued at approximately $1,042,000. Palumbo Wealth Management LLC lifted its stake in shares of Nuvation Bio by 297.4% during the fourth quarter. Palumbo Wealth Management LLC now owns 65,360 shares of the company’s stock worth $174,000 after buying an additional 48,914 shares during the period. Abacus Planning Group Inc. purchased a new stake in Nuvation Bio during the 4th quarter valued at about $44,000. Finally, Ieq Capital LLC purchased a new position in Nuvation Bio during the 4th quarter worth approximately $98,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO David Hung acquired 200,000 shares of the stock in a transaction dated Friday, April 4th. The shares were acquired at an average cost of $1.66 per share, for a total transaction of $332,000.00. Following the completion of the transaction, the chief executive officer now owns 58,481,054 shares in the company, valued at approximately $97,078,549.64. This trade represents a 0.34% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Dongfang Liu sold 20,000 shares of the company’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $2.50, for a total transaction of $50,000.00. Following the sale, the insider now directly owns 12,000 shares in the company, valued at $30,000. This represents a 62.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 29.93% of the company’s stock.

Nuvation Bio Trading Up 1.9%

Shares of NUVB stock opened at $2.19 on Wednesday. The company’s fifty day simple moving average is $2.00 and its 200-day simple moving average is $2.36. Nuvation Bio Inc. has a 52 week low of $1.54 and a 52 week high of $3.97. The company has a market cap of $741.71 million, a PE ratio of -1.01 and a beta of 1.42.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.16) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.16). The firm had revenue of $3.08 million for the quarter, compared to analyst estimates of $0.42 million. Equities research analysts expect that Nuvation Bio Inc. will post -0.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Wedbush restated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Thursday, March 27th. Citigroup began coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They issued an “outperform” rating for the company. JMP Securities assumed coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They set a “market outperform” rating and a $6.00 target price on the stock. Citizens Jmp began coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They set a “mkt outperform” rating and a $6.00 price target for the company. Finally, HC Wainwright dropped their price target on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.83.

Nuvation Bio Company 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.