Federated Hermes Inc. Lowers Position in Nuvation Bio Inc. (NYSE:NUVB)

Federated Hermes Inc. lessened its holdings in shares of Nuvation Bio Inc. (NYSE:NUVB) by 95.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,439 shares of the company’s stock after selling 349,503 shares during the quarter. Federated Hermes Inc.’s holdings in Nuvation Bio were worth $49,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Russell Investments Group Ltd. lifted its position in Nuvation Bio by 15,183.7% during the fourth quarter. Russell Investments Group Ltd. now owns 15,895 shares of the company’s stock valued at $42,000 after purchasing an additional 15,791 shares during the last quarter. Abacus Planning Group Inc. bought a new stake in shares of Nuvation Bio during the 4th quarter worth $44,000. Cibc World Markets Corp bought a new stake in shares of Nuvation Bio during the 4th quarter worth $45,000. LPL Financial LLC increased its stake in Nuvation Bio by 27.0% in the fourth quarter. LPL Financial LLC now owns 31,348 shares of the company’s stock valued at $83,000 after acquiring an additional 6,673 shares during the last quarter. Finally, Pictet Asset Management Holding SA purchased a new stake in Nuvation Bio during the fourth quarter valued at about $90,000. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NUVB shares. HC Wainwright cut their price objective on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating for the company in a report on Monday, March 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $10.00 target price (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Wedbush reissued an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a research note on Thursday, March 27th. Finally, Jones Trading initiated coverage on shares of Nuvation Bio in a research note on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price objective for the company.

Insider Buying and Selling

In other Nuvation Bio news, CEO David Hung bought 300,000 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The shares were bought at an average cost of $1.62 per share, with a total value of $486,000.00. Following the completion of the purchase, the chief executive officer now directly owns 58,781,054 shares of the company’s stock, valued at $95,225,307.48. This trade represents a 0.51 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.07% of the stock is owned by insiders.

Nuvation Bio Price Performance

Shares of Nuvation Bio stock opened at $1.97 on Friday. Nuvation Bio Inc. has a one year low of $1.54 and a one year high of $3.97. The business’s 50 day simple moving average is $1.97 and its two-hundred day simple moving average is $2.38. The stock has a market capitalization of $665.50 million, a P/E ratio of -0.91 and a beta of 1.47.

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.