The Manufacturers Life Insurance Company Cuts Position in Nuvation Bio Inc. $NUVB

The Manufacturers Life Insurance Company reduced its position in Nuvation Bio Inc. (NYSE:NUVB) by 62.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,682 shares of the company’s stock after selling 174,149 shares during the period. The Manufacturers Life Insurance Company’s holdings in Nuvation Bio were worth $449,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of NUVB. Rangeley Capital LLC acquired a new stake in Nuvation Bio during the 2nd quarter worth approximately $25,000. Parallel Advisors LLC lifted its position in Nuvation Bio by 51.9% during the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock valued at $28,000 after buying an additional 2,597 shares in the last quarter. Cetera Investment Advisers acquired a new position in Nuvation Bio during the second quarter valued at approximately $29,000. Captrust Financial Advisors purchased a new stake in Nuvation Bio during the second quarter worth approximately $32,000. Finally, KBC Group NV purchased a new stake in Nuvation Bio during the first quarter worth approximately $37,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, Director Robert Mashal acquired 25,000 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was purchased at an average price of $4.73 per share, with a total value of $118,250.00. Following the completion of the acquisition, the director directly owned 225,000 shares in the company, valued at $1,064,250. This trade represents a 12.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Kerry Wentworth sold 63,000 shares of the business’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $6.02, for a total transaction of $379,260.00. Following the sale, the insider owned 53,000 shares of the company’s stock, valued at approximately $319,060. The trade was a 54.31% 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. In the last quarter, insiders sold 235,668 shares of company stock valued at $1,419,495. 30.11% of the stock is currently owned by insiders.

Nuvation Bio Stock Performance

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

Nuvation Bio (NYSE:NUVB) last issued its quarterly earnings data 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 business had revenue of $31.69 million for the quarter, compared to analyst estimates of $27.03 million. On average, research analysts anticipate that Nuvation Bio Inc. will post -0.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Citigroup reissued a “market outperform” rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. B. Riley Financial reaffirmed a “buy” rating on shares of Nuvation Bio in a research report on Friday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $11.00 price target on shares of Nuvation Bio in a research report on Thursday, July 23rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Nuvation Bio in a report on Friday, July 17th. Finally, Truist Financial raised their price objective on Nuvation Bio from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Eight investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

Nuvation Bio 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.