JPMorgan Chase & Co. Sells 322,798 Shares of Nuvation Bio Inc. (NYSE:NUVB)

JPMorgan Chase & Co. cut its holdings in Nuvation Bio Inc. (NYSE:NUVB) by 72.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 120,115 shares of the company’s stock after selling 322,798 shares during the period. JPMorgan Chase & Co.’s holdings in Nuvation Bio were worth $320,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in NUVB. Peapod Lane Capital LLC acquired a new position in Nuvation Bio during the 4th quarter worth approximately $1,042,000. Palumbo Wealth Management LLC boosted its position in Nuvation Bio by 297.4% during the fourth quarter. Palumbo Wealth Management LLC now owns 65,360 shares of the company’s stock valued at $174,000 after acquiring an additional 48,914 shares during the last quarter. Abacus Planning Group Inc. bought a new stake in shares of Nuvation Bio during the 4th quarter valued at about $44,000. Ieq Capital LLC acquired a new stake in shares of Nuvation Bio during the 4th quarter worth approximately $98,000. Finally, Bank of New York Mellon Corp grew its holdings in Nuvation Bio by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 518,575 shares of the company’s stock worth $1,379,000 after purchasing an additional 14,203 shares during the period. 61.67% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on NUVB shares. Wedbush reissued an “outperform” rating and set a $5.00 target price on shares of Nuvation Bio in a research report on Thursday, March 27th. Jones Trading initiated coverage on Nuvation Bio in a research note on Wednesday, March 12th. They set a “buy” rating and a $10.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $10.00 price target (up previously from $6.00) on shares of Nuvation Bio in a report on Tuesday, January 7th. Citigroup assumed coverage on shares of Nuvation Bio in a report on Wednesday, April 23rd. They set an “outperform” rating on the stock. Finally, JMP Securities initiated coverage on Nuvation Bio in a report on Wednesday, April 23rd. They issued a “market outperform” rating and a $6.00 price target for the company. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Nuvation Bio presently has a consensus rating of “Buy” and an average target price of $7.83.

Nuvation Bio Price Performance

NYSE:NUVB opened at $2.46 on Friday. The company has a market capitalization of $833.15 million, a PE ratio of -1.13 and a beta of 1.47. Nuvation Bio Inc. has a 1-year low of $1.54 and a 1-year high of $3.97. The firm’s 50-day moving average price is $1.96 and its 200-day moving average price is $2.37.

Insider Activity at Nuvation Bio

In other Nuvation Bio news, CEO David Hung acquired 200,000 shares of the stock in a transaction dated Friday, April 4th. The shares were purchased at an average price of $1.66 per share, for a total transaction of $332,000.00. Following the purchase, the chief executive officer now directly owns 58,481,054 shares of the company’s stock, valued at approximately $97,078,549.64. This trade represents a 0.34 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 29.93% of the stock is owned by insiders.

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.