Nuvation Bio Inc. $NUVB is Omega Fund Management LLC’s Largest Position

Omega Fund Management LLC lowered its position in Nuvation Bio Inc. (NYSE:NUVB) by 8.5% in the fourth quarter, HoldingsChannel reports. The firm owned 8,081,089 shares of the company’s stock after selling 750,000 shares during the period. Nuvation Bio makes up about 25.3% of Omega Fund Management LLC’s portfolio, making the stock its biggest holding. Omega Fund Management LLC’s holdings in Nuvation Bio were worth $72,407,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NUVB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Nuvation Bio by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 108,547 shares of the company’s stock worth $191,000 after buying an additional 4,608 shares during the period. Millennium Management LLC boosted its stake in Nuvation Bio by 52.4% during the first quarter. Millennium Management LLC now owns 3,774,003 shares of the company’s stock worth $6,642,000 after buying an additional 1,298,131 shares during the period. Envestnet Asset Management Inc. purchased a new position in Nuvation Bio during the second quarter worth about $92,000. Creative Planning boosted its stake in Nuvation Bio by 267.1% during the second quarter. Creative Planning now owns 39,288 shares of the company’s stock worth $77,000 after buying an additional 28,585 shares during the period. Finally, Cetera Investment Advisers purchased a new position in Nuvation Bio during the second quarter worth about $29,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on NUVB shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Nuvation Bio in a research note on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and issued a $17.00 price objective on shares of Nuvation Bio in a research note on Tuesday, May 5th. Zacks Research lowered shares of Nuvation Bio from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 26th. Royal Bank Of Canada reissued an “outperform” rating and issued a $20.00 price objective on shares of Nuvation Bio in a research note on Tuesday, May 5th. Finally, Wedbush reissued an “outperform” rating and issued a $11.00 price objective on shares of Nuvation Bio in a research note on Tuesday, May 5th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.50.

Insider Activity

In other Nuvation Bio news, Director Robert Mashal bought 25,000 shares of the business’s stock in a transaction dated 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 acquisition, the director directly owned 225,000 shares of the company’s stock, valued at $1,064,250. The trade was a 12.50% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kerry Wentworth sold 200,000 shares of Nuvation Bio stock in a transaction on Monday, April 6th. The shares were sold at an average price of $4.52, for a total transaction of $904,000.00. Following the completion of the transaction, the insider owned 53,000 shares in the company, valued at approximately $239,560. This trade represents a 79.05% 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. Insiders have sold 286,750 shares of company stock valued at $1,339,118 in the last ninety days. 30.11% of the stock is currently owned by company insiders.

Nuvation Bio Price Performance

Shares of NYSE NUVB opened at $5.12 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 7.24 and a current ratio of 7.44. Nuvation Bio Inc. has a fifty-two week low of $1.58 and a fifty-two week high of $9.75. The firm has a market capitalization of $1.78 billion, a PE ratio of -11.90 and a beta of 1.52. The stock’s 50-day simple moving average is $4.76 and its 200-day simple moving average is $5.83.

Nuvation Bio (NYSE:NUVB) last released its quarterly earnings data on Monday, May 4th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. Nuvation Bio had a negative net margin of 102.06% and a negative return on equity of 44.10%. The company had revenue of $83.23 million for the quarter, compared to analysts’ expectations of $66.22 million. As a group, equities research analysts forecast that Nuvation Bio Inc. will post -0.39 EPS for the current fiscal year.

About Nuvation Bio

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.