Wells Fargo & Company MN Buys 23,178 Shares of Nuvation Bio Inc. (NYSE:NUVB)

Wells Fargo & Company MN raised its stake in shares of Nuvation Bio Inc. (NYSE:NUVB) by 27.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 106,416 shares of the company’s stock after acquiring an additional 23,178 shares during the quarter. Wells Fargo & Company MN’s holdings in Nuvation Bio were worth $283,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. LPL Financial LLC lifted its position in shares of Nuvation Bio by 27.0% in the 4th quarter. LPL Financial LLC now owns 31,348 shares of the company’s stock worth $83,000 after acquiring an additional 6,673 shares during the period. Bank of New York Mellon Corp lifted its position in Nuvation Bio by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 518,575 shares of the company’s stock worth $1,379,000 after purchasing an additional 14,203 shares during the period. Abacus Planning Group Inc. acquired a new stake in Nuvation Bio during the fourth quarter worth $44,000. Cibc World Markets Corp bought a new stake in Nuvation Bio in the 4th quarter valued at $45,000. Finally, Arizona State Retirement System raised its stake in shares of Nuvation Bio by 47.2% in the 4th quarter. Arizona State Retirement System now owns 62,964 shares of the company’s stock valued at $167,000 after buying an additional 20,176 shares in the last quarter. Institutional investors and hedge funds own 61.67% of the company’s stock.

Nuvation Bio Trading Down 12.4 %

NUVB opened at $2.09 on Wednesday. The firm’s fifty day simple moving average is $1.97 and its 200 day simple moving average is $2.36. The stock has a market capitalization of $706.15 million, a P/E ratio of -0.96 and a beta of 1.42. Nuvation Bio Inc. has a 12 month low of $1.54 and a 12 month high of $3.97.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NUVB shares. Jones Trading assumed coverage on Nuvation Bio in a research note on Wednesday, March 12th. They issued a “buy” rating and a $10.00 price objective on the stock. JMP Securities initiated coverage on Nuvation Bio in a research report on Wednesday, April 23rd. They issued a “market outperform” rating and a $6.00 price target on the stock. Citigroup assumed coverage on Nuvation Bio in a research note on Wednesday, April 23rd. They set an “outperform” rating for the company. HC Wainwright reduced their target price on shares of Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Finally, Wedbush reiterated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Thursday, March 27th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $7.83.

Insiders Place Their Bets

In other Nuvation Bio news, CEO David Hung acquired 200,000 shares of the company’s stock in a transaction on Friday, April 4th. The shares were purchased at an average price of $1.66 per share, for a total transaction of $332,000.00. Following the completion of the purchase, the chief executive officer now directly owns 58,481,054 shares of the company’s stock, valued at approximately $97,078,549.64. This represents a 0.34 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Dongfang Liu sold 20,000 shares of Nuvation Bio stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $2.50, for a total transaction of $50,000.00. Following the transaction, the insider now directly owns 12,000 shares of the company’s stock, valued at approximately $30,000. This trade represents a 62.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 29.93% of the company’s stock.

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.