JPMorgan Chase & Co. Expands Investment in Nuvation Bio Inc. (NYSE:NUVB)

JPMorgan Chase & Co. has significantly increased its stake in Nuvation Bio Inc. (NYSE:NUVB) by an impressive 479.1% during the third quarter, as reported in its latest disclosure to the Securities and Exchange Commission. By the end of this period, the institutional investor held 442,913 shares of Nuvation Bio after acquiring an additional 366,429 shares. This investment is now valued at approximately $1,014,000, representing about 0.13% of the company’s total stock.

In addition to JPMorgan, several other institutional investors have also made transactions involving Nuvation Bio's shares. State Street Corp increased its holdings by 4.8% during the same quarter, bringing its total ownership to 4,166,441 shares worth $9,541,000 after purchasing an additional 191,031 shares. Wellington Management Group LLP showed substantial growth as well, raising its investment in Nuvation Bio by 83.3%, resulting in ownership of 623,973 shares valued at $1,429,000 after acquiring 283,642 more shares.

Geode Capital Management LLC also contributed to the growth, lifting its position by 5.1%, now holding 4,028,692 shares valued at $9,227,000 after an additional purchase of 196,247 shares. Meanwhile, Dimensional Fund Advisors LP made a notable increase in their position by a staggering 415.2% in the second quarter, accumulating 1,018,329 shares valued at $2,975,000 after a significant addition of 820,669 shares. Finally, Point72 Asset Management L.P. entered the scene by acquiring a new stake in Nuvation Bio, valued at approximately $634,000. Collectively, institutional investors and hedge funds own around 61.67% of Nuvation Bio's stock.

Nuvation Bio Stock Performance Overview

As of Friday, Nuvation Bio's stock opened at $2.52, with the company boasting a market capitalization of $846.47 million. Its price-to-earnings ratio stands at -1.16, accompanied by a beta of 1.47. The stock's 50-day and 200-day simple moving averages are $2.74 and $2.79, respectively. Over the past year, Nuvation Bio has seen a low of $1.52 and a high of $4.16.

On November 6th, Nuvation Bio released its latest quarterly earnings report, revealing an earnings per share (EPS) of ($0.15) which fell short of analysts' expectations of ($0.13) by $0.02. During this quarter, the company generated revenue of $0.73 million. Analysts are projecting that Nuvation Bio will report an EPS of -0.36 for the current fiscal year.

Analysts' Predictions for Nuvation Bio

Recently, several brokerages have offered insights on Nuvation Bio's stock. The Royal Bank of Canada reaffirmed an “outperform” rating on Nuvation Bio shares and increased its price target to $10.00 from $6.00 in a research note dated January 7th. Similarly, HC Wainwright raised its price target from $10.00 to $11.00 and rated the stock as a “buy.” Wedbush also reiterated an “outperform” rating, with a new price target set at $5.00 for Nuvation Bio. Altogether, five equities research analysts have issued buy ratings for the company, with MarketBeat reporting an average rating of "Buy" and a target price of $8.20.

Understanding Nuvation Bio

Nuvation Bio Inc. is organized as a clinical-stage biopharmaceutical company aimed at developing various therapeutic candidates for oncology. The firm’s leading product candidate is NUV-868, which operates as a BD2 selective oral small molecule BET inhibitor, helping to regulate tumor growth and differentiation. Other significant projects include NUV-1156, targeting advanced prostate cancer, and NUV-1176, aimed at addressing ER+ breast and ovarian cancer through a PARP inhibitor.

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