Arizona State Retirement System Grows Position in Nuvation Bio Inc. (NYSE:NUVB)

Arizona State Retirement System increased its position in shares of Nuvation Bio Inc. (NYSE:NUVB) by 47.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 62,964 shares of the company’s stock after buying an additional 20,176 shares during the quarter. Arizona State Retirement System’s holdings in Nuvation Bio were worth $167,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in NUVB. GSA Capital Partners LLP purchased a new position in Nuvation Bio during the 3rd quarter worth approximately $172,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Nuvation Bio by 9.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 396,736 shares of the company’s stock valued at $909,000 after purchasing an additional 32,811 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Nuvation Bio in the 3rd quarter valued at approximately $132,000. Charles Schwab Investment Management Inc. grew its stake in shares of Nuvation Bio by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,394,015 shares of the company’s stock valued at $3,192,000 after purchasing an additional 60,590 shares during the last quarter. Finally, Meridian Wealth Management LLC grew its stake in shares of Nuvation Bio by 47.0% in the 3rd quarter. Meridian Wealth Management LLC now owns 82,840 shares of the company’s stock valued at $190,000 after purchasing an additional 26,495 shares during the last quarter. Hedge funds and other institutional investors own 61.67% of the company’s stock.

Nuvation Bio Price Performance

NUVB opened at $2.14 on Monday. The business has a 50 day simple moving average of $2.35 and a 200-day simple moving average of $2.55. The stock has a market capitalization of $723.08 million, a P/E ratio of -0.98 and a beta of 1.47. Nuvation Bio Inc. has a 12 month low of $1.67 and a 12 month high of $4.16.

Wall Street Analysts Forecast Growth

NUVB has been the topic of several analyst reports. Wedbush reiterated an “outperform” rating and issued a $5.00 target price on shares of Nuvation Bio in a research note on Monday, March 3rd. Jones Trading initiated coverage on Nuvation Bio in a research note on Wednesday, March 12th. They issued a “buy” rating and a $10.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 target price (up from $6.00) on shares of Nuvation Bio in a research note on Tuesday, January 7th. Finally, HC Wainwright lowered their target price on Nuvation Bio from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, March 10th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $8.33.

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.