559,180 Shares in Nuvation Bio Inc. $NUVB Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC acquired a new position in shares of Nuvation Bio Inc. (NYSE:NUVB) during the 1st quarter, Holdings Channel reports. The fund acquired 559,180 shares of the company’s stock, valued at approximately $2,399,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its stake in shares of Nuvation Bio by 75.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,439,357 shares of the company’s stock valued at $6,175,000 after purchasing an additional 619,725 shares during the last quarter. KBC Group NV purchased a new stake in Nuvation Bio during the 1st quarter valued at $37,000. Sanctuary Advisors LLC raised its holdings in Nuvation Bio by 121.1% during the 1st quarter. Sanctuary Advisors LLC now owns 33,508 shares of the company’s stock valued at $144,000 after buying an additional 18,351 shares during the period. Kornitzer Capital Management Inc. KS bought a new stake in Nuvation Bio in the first quarter worth $634,000. Finally, Hsbc Holdings PLC bought a new stake in Nuvation Bio in the first quarter worth $101,000. 61.67% of the stock is currently owned by hedge funds and other institutional investors.

Nuvation Bio Stock Performance

Shares of Nuvation Bio stock opened at $6.57 on Tuesday. The company has a current ratio of 8.37, a quick ratio of 8.14 and a debt-to-equity ratio of 0.96. The stock’s fifty day moving average price is $5.79 and its 200-day moving average price is $5.24. The firm has a market cap of $2.29 billion, a P/E ratio of -14.93 and a beta of 1.52. Nuvation Bio Inc. has a 12 month low of $2.18 and a 12 month high of $9.75.

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). The firm had revenue of $31.69 million during the quarter, compared to analysts’ expectations of $27.03 million. Nuvation Bio had a negative return on equity of 46.59% and a negative net margin of 88.18%. On average, equities research analysts expect that Nuvation Bio Inc. will post -0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NUVB. B. Riley Financial reissued a “buy” rating on shares of Nuvation Bio in a research note on Friday. Zacks Research raised Nuvation Bio from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Royal Bank Of Canada increased their target price on Nuvation Bio from $19.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday. Citigroup reiterated a “market outperform” rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Nuvation Bio in a report on Friday, July 17th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.00.

Insider Activity

In other news, Director Robert Mashal purchased 25,000 shares of the business’s stock in a transaction on Tuesday, June 9th. The shares were acquired at an average cost of $4.73 per share, with a total value of $118,250.00. Following the completion of the acquisition, the director owned 225,000 shares of the company’s stock, valued at $1,064,250. This trade represents a 12.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Philippe Sauvage sold 47,668 shares of the company’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $6.01, for a total value of $286,484.68. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 235,668 shares of company stock valued at $1,419,495 in the last ninety days. 30.11% of the stock is currently owned by 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.