JPMorgan Chase & Co. Expands Its Investment in Nuvation Bio Inc.

JPMorgan Chase & Co. has significantly increased its investment in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by an impressive 479.1% during the third quarter. This information comes from the latest filing the firm submitted to the Securities and Exchange Commission. After buying an additional 366,429 shares during this period, JPMorgan now owns a total of 442,913 shares of Nuvation Bio, which was valued at approximately $1,014,000 at the close of the reporting period.

In addition to JPMorgan, several other institutional investors have also made moves regarding their stakes in Nuvation Bio. For instance, State Street Corp has increased its ownership by 4.8% in the third quarter, bringing its total to 4,166,441 shares, valued at $9,541,000 after acquiring an extra 191,031 shares. Similarly, Wellington Management Group LLP has raised its stake by 83.3%, now owning 623,973 shares worth $1,429,000 after acquiring 283,642 shares. Geode Capital Management LLC has also boosted its position by 5.1%, holding 4,028,692 shares valued at $9,227,000 after buying an additional 196,247 shares in the last quarter. Furthermore, Dimensional Fund Advisors LP expanded its investment in Nuvation Bio by 415.2% in the second quarter, resulting in ownership of 1,018,329 shares valued at $2,975,000 after securing 820,669 additional shares. On the other hand, Point72 Asset Management L.P. entered the scene by purchasing a new stake valued at about $634,000. Collectively, institutional investors and hedge funds hold 61.67% of Nuvation Bio's shares.

Nuvation Bio's Market Performance

As of Friday, NUVB stock opened at $2.52, with a market capitalization of $846.47 million. It has a price-to-earnings ratio of -1.16 and a beta of 1.47. The company’s 50-day simple moving average stands at $2.74, while its 200-day simple moving average is $2.79. In terms of stock performance over the past year, Nuvation Bio has recorded a low of $1.52 and a high of $4.16.

Recently, Nuvation Bio (NYSE:NUVB - Get Free Report) released its quarterly earnings data on Wednesday, November 6th. The report showed an EPS of ($0.15), which fell short of analysts’ expectations of ($0.13) by $0.02. The revenue generated during this quarter was $0.73 million. Analysts anticipate that Nuvation Bio Inc. may report an earnings per share of -0.36 for the current fiscal year.

Analysts' Outlook for Nuvation Bio

Several investment firms have shared their insights on Nuvation Bio. Royal Bank of Canada reaffirmed an "outperform" rating with a price target increase from $6.00 to $10.00 on January 7th. On a similar note, HC Wainwright raised their price target from $10.00 to $11.00 while maintaining a "buy" rating for the stock. Wedbush also reiterated an "outperform" rating, setting a price target of $5.00 for this stock. According to MarketBeat, five research analysts have rated Nuvation Bio with a buy rating, contributing to an average rating of "Buy" and an average price target of $8.20.

About Nuvation Bio Inc.

Nuvation Bio Inc. is a clinical-stage biopharmaceutical firm that focuses on developing therapeutic candidates for cancer treatment. Its lead product candidate, NUV-868, is a small molecule BET inhibitor that selectively targets BD2, regulating proteins that influence tumor growth and differentiation, including oncogenes like c-myc. Additional products in their pipeline include NUV-1156, which addresses advanced prostate cancers, and NUV-1176, a PARP inhibitor designed for treating ER+ breast and ovarian cancers.

JPMorgan, Investment, Nuvation