JPMorgan Chase & Co. Significantly Increases Stake in Nuvation Bio Inc.

JPMorgan Chase & Co. has made a notable increase in its investment in Nuvation Bio Inc. (NYSE:NUVB - Free Report) by raising its holdings by an impressive 479.1% during the third quarter. According to the latest disclosure submitted to the Securities and Exchange Commission, JPMorgan now owns 442,913 shares of Nuvation Bio after acquiring an additional 366,429 shares within the quarter. This means that JPMorgan holds approximately 0.13% of the company, which is valued at around $1,014,000.

Additionally, other institutional investors have also shown interest in Nuvation Bio recently. For instance, State Street Corp raised its position in the company by 4.8% during the same period, resulting in ownership of 4,166,441 shares, which are valued at $9,541,000 following the purchase of an extra 191,031 shares. Similarly, Wellington Management Group LLP enhanced its stake in Nuvation Bio by 83.3%, now holding 623,973 shares worth $1,429,000 after acquiring another 283,642 shares. Furthermore, Geode Capital Management LLC increased its holdings by 5.1%, owning 4,028,692 shares valued at $9,227,000 after an addition of 196,247 shares. Dimensional Fund Advisors LP grew its shares by 415.2%, now having 1,018,329 shares valued at $2,975,000. Lastly, Point72 Asset Management L.P. bought a new share stake worth about $634,000 during the third quarter. Collectively, institutional investors and hedge funds own about 61.67% of Nuvation Bio's stock.

Nuvation Bio's Market Performance

As of Friday, Nuvation Bio shares opened at $2.52. The company holds a market capitalization of $846.47 million, with a price-to-earnings ratio of -1.16 and a beta of 1.47. The 50-day simple moving average for the stock stands at $2.74 with a 200-day simple moving average of $2.79. Over the past year, the stock has seen a low of $1.52 and a high of $4.16.

Nuvation Bio Inc. announced its quarterly earnings on November 6th, revealing an earnings per share (EPS) of ($0.15), which fell short of analysts' expectations of ($0.13) by a margin of ($0.02). For the quarter, the company reported revenue of $0.73 million. Analysts predict that Nuvation Bio will report an average EPS of -0.36 for the current fiscal year.

Analyst Ratings and Future Growth Expectations

About Nuvation Bio Inc.

Nuvation Bio Inc. is a biopharmaceutical company in the clinical stage, focusing on developing therapeutic candidates for cancer treatment. Among its lead candidates is NUV-868, a small molecule BET inhibitor that aims to regulate proteins involved in controlling tumor growth. Other notable projects include NUV-1156, which targets advanced prostate cancer, and NUV-1176, a PARP inhibitor for treating breast and ovarian cancer, alongside an innovative drug-drug conjugate platform.

JPMorgan, Nuvation, Bio