Abrams Capital Management L.P. Has $5.45 Million Holdings in Nuvation Bio Inc. $NUVB

Abrams Capital Management L.P. cut its stake in Nuvation Bio Inc. (NYSE:NUVB) by 66.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,270,504 shares of the company’s stock after selling 2,541,009 shares during the quarter. Nuvation Bio makes up approximately 0.1% of Abrams Capital Management L.P.’s investment portfolio, making the stock its 10th largest holding. Abrams Capital Management L.P.’s holdings in Nuvation Bio were worth $5,450,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Rangeley Capital LLC bought a new position in Nuvation Bio in the 2nd quarter valued at about $25,000. Parallel Advisors LLC boosted its holdings in shares of Nuvation Bio by 51.9% during the third quarter. Parallel Advisors LLC now owns 7,597 shares of the company’s stock worth $28,000 after acquiring an additional 2,597 shares during the period. Cetera Investment Advisers bought a new stake in shares of Nuvation Bio during the second quarter worth approximately $29,000. Captrust Financial Advisors bought a new position in shares of Nuvation Bio during the second quarter worth approximately $32,000. Finally, KBC Group NV bought a new position in shares of Nuvation Bio during the first quarter worth approximately $37,000. Institutional investors and hedge funds own 61.67% of the company’s stock.

Insider Transactions at Nuvation Bio

In other Nuvation Bio news, insider Kerry Wentworth sold 63,000 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $6.02, for a total transaction of $379,260.00. Following the completion of the sale, the insider owned 53,000 shares of the company’s stock, valued at approximately $319,060. This represents a 54.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Mashal purchased 25,000 shares of the company’s stock in a transaction dated Tuesday, June 9th. The stock was purchased at an average price of $4.73 per share, for a total transaction of $118,250.00. Following the transaction, the director directly owned 225,000 shares in the company, valued at approximately $1,064,250. This trade represents a 12.50% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have sold 235,668 shares of company stock valued at $1,419,495. 30.11% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Zacks Research upgraded Nuvation Bio from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Nuvation Bio in a report on Tuesday, May 5th. Royal Bank Of Canada reissued an “outperform” rating on shares of Nuvation Bio in a report on Wednesday. Truist Financial boosted their target price on shares of Nuvation Bio from $12.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Nuvation Bio in a research report on Wednesday, June 10th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Nuvation Bio has an average rating of “Moderate Buy” and a consensus price target of $12.38.

Nuvation Bio Stock Performance

Shares of Nuvation Bio stock opened at $6.45 on Friday. Nuvation Bio Inc. has a fifty-two week low of $2.18 and a fifty-two week high of $9.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 7.44 and a quick ratio of 7.24. The firm has a market capitalization of $2.24 billion, a P/E ratio of -14.99 and a beta of 1.52. The company’s 50 day moving average price is $5.39 and its two-hundred day moving average price is $5.30.

Nuvation Bio (NYSE:NUVB) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.04. Nuvation Bio had a negative net margin of 102.06% and a negative return on equity of 44.10%. The company had revenue of $83.23 million during the quarter, compared to the consensus estimate of $66.22 million. On average, equities analysts forecast that Nuvation Bio Inc. will post -0.39 earnings per share for the current fiscal year.

Nuvation Bio Profile

Nuvation Bio is a clinical-stage biotechnology company dedicated to discovering and developing small-molecule therapies for patients with cancer. The company employs an integrated research and development platform that spans target identification, preclinical evaluation, process chemistry, and early-stage clinical trials. By centralizing these capabilities, Nuvation Bio aims to accelerate the translation of promising drug candidates from laboratory research to first-in-human studies.

The company’s pipeline comprises multiple oncology programs, with small-molecule kinase inhibitors and targeted agents in Phase 1 development for both hematologic malignancies and solid tumors.