Principal Financial Group Inc. Reduces Stock Position in Nuvation Bio Inc. (NYSE:NUVB)

Principal Financial Group Inc. decreased its position in Nuvation Bio Inc. (NYSE:NUVB) by 51.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its position in Nuvation Bio by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,028,692 shares of the company’s stock valued at $9,227,000 after acquiring an additional 196,247 shares in the last quarter. Frazier Life Sciences Management L.P. bought a new stake in shares of Nuvation Bio during the third quarter valued at approximately $2,790,000. XTX Topco Ltd purchased a new stake in Nuvation Bio in the third quarter worth $302,000. Zacks Investment Management lifted its position in Nuvation Bio by 21.5% during the third quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after buying an additional 6,394 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Nuvation Bio by 83.3% during the 3rd quarter. Wellington Management Group LLP now owns 623,973 shares of the company’s stock valued at $1,429,000 after buying an additional 283,642 shares in the last quarter. 61.67% of the stock is owned by institutional investors.

Nuvation Bio Stock Performance

Shares of NYSE:NUVB opened at $3.22 on Wednesday. The firm has a market cap of $1.08 billion, a PE ratio of -1.48 and a beta of 1.47. The firm’s 50 day simple moving average is $2.72 and its 200-day simple moving average is $2.82. Nuvation Bio Inc. has a one year low of $1.43 and a one year high of $4.16.

Nuvation Bio (NYSE:NUVB) last announced its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The business had revenue of $0.73 million during the quarter. Equities research analysts predict that Nuvation Bio Inc. will post -0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on NUVB. Wedbush reiterated an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a report on Monday. Royal Bank of Canada reiterated an “outperform” rating and set a $10.00 price objective (up previously from $6.00) on shares of Nuvation Bio in a research note on Tuesday. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of Nuvation Bio in a research note on Monday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Nuvation Bio has a consensus rating of “Buy” and an average price target of $7.40.

Nuvation Bio Company 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.