Palumbo Wealth Management LLC Sells 11,904 Shares of Nuvation Bio Inc. (NYSE:NUVB)

Palumbo Wealth Management LLC cut its position in shares of Nuvation Bio Inc. (NYSE:NUVB) by 42.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 16,446 shares of the company’s stock after selling 11,904 shares during the quarter. Palumbo Wealth Management LLC’s holdings in Nuvation Bio were worth $38,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. purchased a new position in Nuvation Bio during the 2nd quarter valued at about $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of Nuvation Bio by 913.2% during 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 in the last quarter. Xponance Inc. purchased a new stake in Nuvation Bio in the second quarter worth $33,000. Caxton Associates LP bought a new position in Nuvation Bio in the second quarter worth $43,000. Finally, Choreo LLC bought a new position in shares of Nuvation Bio during the second quarter valued at $47,000. 61.67% of the stock is currently owned by institutional investors.

Nuvation Bio Stock Down 5.6 %

NYSE:NUVB traded down $0.13 during midday trading on Thursday, hitting $2.21. The stock had a trading volume of 259,484 shares, compared to its average volume of 1,421,145. Nuvation Bio Inc. has a one year low of $0.95 and a one year high of $4.16. The stock has a 50-day moving average of $2.64 and a 200 day moving average of $2.92. The company has a market capitalization of $550.83 million, a price-to-earnings ratio of -1.11 and a beta of 1.36.

Nuvation Bio (NYSE:NUVB) last issued its earnings results on Monday, August 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.09). The company had revenue of $1.44 million during the quarter. On average, sell-side analysts anticipate that Nuvation Bio Inc. will post -0.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

NUVB has been the subject of several analyst reports. Wedbush restated an “outperform” rating and set a $5.00 price target on shares of Nuvation Bio in a report on Tuesday, October 22nd. 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. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $5.00 price target on shares of Nuvation Bio in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Nuvation Bio presently has an average rating of “Buy” and a consensus target price of $6.40.

Insider Activity

In related news, Director Robert Mashal acquired 100,000 shares of the firm’s stock in a transaction on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the acquisition, the director now directly owns 100,000 shares in the company, valued at approximately $220,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 5.07% of the company’s stock.

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.