JPMorgan Chase & Co. Increases Stake in Nuvation Bio Inc. (NYSE:NUVB)

JPMorgan Chase & Co. significantly increased its position in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by an impressive 479.1% during the third quarter, as disclosed in a recent filing with the Securities and Exchange Commission. After acquiring an additional 366,429 shares during this period, the institutional investor now owns a total of 442,913 shares of Nuvation Bio. This investment is valued at approximately $1,014,000, constituting around 0.13% of the company's outstanding stock at the end of the reporting period.

Other institutional investors have also recently engaged in trading Nuvation Bio shares. State Street Corp increased its holdings by 4.8% in the third quarter, owning now 4,166,441 shares worth about $9,541,000 after acquiring an additional 191,031 shares. Wellington Management Group LLP showed a notable raise of 83.3% in its Nuvation Bio position, totaling 623,973 shares valued at approximately $1,429,000 after purchasing 283,642 shares. Geode Capital Management LLC grew its stake by 5.1%, resulting in ownership of 4,028,692 shares worth around $9,227,000 following an additional purchase of 196,247 shares. Meanwhile, Dimensional Fund Advisors LP reported a staggering growth of 415.2%, possessing 1,018,329 shares valued at $2,975,000 after increasing their holdings by 820,669 shares in the last quarter. Additionally, Point72 Asset Management L.P. entered the fray by purchasing a new stake worth about $634,000 in the third quarter. Overall, institutional investors and hedge funds hold 61.67% of the stock.

Nuvation Bio's Market Performance

As of Friday, Nuvation Bio's stock opened at $2.52, giving the firm a market capitalization of $846.47 million. The price-to-earnings ratio stands at -1.16, with a beta of 1.47. The company's average stock prices over the last 50 days and 200 days are $2.74 and $2.79, respectively. Over the past year, Nuvation Bio has seen its stock price fluctuate between a low of $1.52 and a high of $4.16.

On November 6th, Nuvation Bio announced its quarterly earnings, reporting a loss of $0.15 per share, which fell short of the analysts' expected loss of $0.13. The company generated revenue of $0.73 million during this quarter. Analysts predict that for the current fiscal year, the projected earnings per share will be around -0.36.

Analyst Ratings and Forecasts

About Nuvation Bio

Nuvation Bio Inc. is a clinical-stage biopharmaceutical firm engaged in developing therapeutic treatments, particularly in oncology. Its primary product candidate, NUV-868, is an oral small molecule BET inhibitor targeting proteins that regulate tumor growth, including oncogenes like c-myc. Other notable candidates in their pipeline include NUV-1156 for advanced prostate cancers, and NUV-1176, a PARP inhibitor aimed at ER+ breast cancer and ovarian cancer.

Conclusion

In light of these developments, investors and analysts will be closely observing Nuvation Bio's performance and future growth prospects, especially following the major increase in institutional ownership and the overall bullish sentiment among market participants.

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