Principal Financial Group Inc. Sells 13,448 Shares of Nuvation Bio Inc. (NYSE:NUVB)

Principal Financial Group Inc. reduced its holdings in shares of Nuvation Bio Inc. (NYSE:NUVB) by 51.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,502 shares of the company’s stock after selling 13,448 shares during the quarter. Principal Financial Group Inc.’s holdings in Nuvation Bio were worth $29,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. B. Riley Wealth Advisors Inc. purchased a new position in shares of Nuvation Bio in the 2nd quarter worth $29,000. EverSource Wealth Advisors LLC lifted its holdings in Nuvation Bio by 913.2% in the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after acquiring an additional 10,000 shares during the period. Xponance Inc. purchased a new position in Nuvation Bio in the second quarter worth about $33,000. Caxton Associates LP purchased a new position in Nuvation Bio in the second quarter worth about $43,000. Finally, Choreo LLC bought a new stake in shares of Nuvation Bio during the 2nd quarter valued at about $47,000. 61.67% of the stock is owned by institutional investors.

Nuvation Bio Stock Up 0.3 %

Shares of Nuvation Bio stock opened at $2.90 on Wednesday. The company has a market capitalization of $976.05 million, a price-to-earnings ratio of -1.33 and a beta of 1.35. The stock’s 50-day simple moving average is $2.50 and its 200-day simple moving average is $2.88. Nuvation Bio Inc. has a 52 week low of $1.22 and a 52 week high of $4.16.

Nuvation Bio (NYSE:NUVB) last posted its quarterly earnings results on Wednesday, November 6th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $0.73 million during the quarter. On average, equities analysts expect that Nuvation Bio Inc. will post -0.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on NUVB. Wedbush reiterated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research report on Thursday, November 7th. Royal Bank of Canada lifted their price objective on Nuvation Bio from $5.00 to $6.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Finally, HC Wainwright cut their price objective on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, September 16th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $6.60.

Insider Buying and Selling

In related news, Director Robert Mashal purchased 100,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average price of $2.20 per share, for a total transaction of $220,000.00. Following the purchase, the director now directly owns 100,000 shares in the company, valued at $220,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.07% of the stock is owned by company insiders.

About Nuvation Bio

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.