Public Employees Retirement Association of Colorado Trims Stake in Nuvation Bio Inc. (NYSE:NUVB)

Public Employees Retirement Association of Colorado reduced its holdings in shares of Nuvation Bio Inc. (NYSE:NUVB) by 17.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,841 shares of the company’s stock after selling 6,480 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Nuvation Bio were worth $87,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in Nuvation Bio by 58.7% during the second quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock valued at $76,000 after buying an additional 9,603 shares during the last quarter. Choreo LLC purchased a new stake in shares of Nuvation Bio in the second quarter worth $47,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Nuvation Bio in the first quarter worth $79,000. Pinnacle Wealth Planning Services Inc. purchased a new stake in shares of Nuvation Bio in the first quarter worth $105,000. Finally, WINTON GROUP Ltd purchased a new stake in shares of Nuvation Bio in the second quarter worth $89,000. 61.67% of the stock is owned by hedge funds and other institutional investors.

Nuvation Bio Trading Down 3.2 %

NUVB stock opened at $2.39 on Monday. The stock has a market cap of $590.74 million, a PE ratio of -7.71 and a beta of 1.38. Nuvation Bio Inc. has a 12 month low of $0.95 and a 12 month high of $4.16. The company has a 50-day moving average price of $3.02 and a 200 day moving average price of $3.02.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.09). The business had revenue of $1.44 million for the quarter. Sell-side analysts forecast that Nuvation Bio Inc. will post -0.4 EPS for the current year.

Analyst Upgrades and Downgrades

NUVB has been the subject of a number of research reports. Royal Bank of Canada restated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Tuesday, August 6th. HC Wainwright dropped their target price on shares of Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, September 16th. Finally, Wedbush restated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Wednesday, September 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat, Nuvation Bio currently has an average rating of “Buy” and a consensus price target of $6.40.

Nuvation Bio 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.