Nuvation Bio Inc. (NYSE:NUVB) is one of the best stock picks of billionaire David Abrams. Nuvation Bio Inc. (NYSE:NUVB) is also a favorite on the Street. The stock carries a Strong Buy rating with an average price target of $11.93, which indicates more than 160% upside.
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On April 8, Truist Securities restated its Buy rating on Nuvation Bio Inc (NYSE:NUVB) with a price target of $12. This action followed the firm’s meetings with Nuvation Bio’s management. The meeting covered a variety of topics, including the launch of the company’s Ibtrozi drug and its safusidenib drug candidate.
Ibtrozi is an FDA-approved treatment for lung cancer, while safusidenib is being developed to treat gliomas and other solid tumors. Truist noted that the Ibtrozi launch has had a bright start, pointing out potential to add around 200 points per quarter in the short-term. Moreover, the firm noted potential to expand the drug’s market penetration with additional testing.
Regarding safusidenib, Truist said it remained constructive on the candidate’s long-term potential in glioma. Truist projects Ibtrozi global sales to hit $986 million in fiscal year 2035, and safusidenib sales to reach $800 million the same year. Truist provided these sales estimates after Nuvation Bio announced on April 1 that it had secured development and commercialization rights to safusidenib in Japan.
Nuvation Bio is seeking Ibtrozi (taletrectinib) approval in Europe, and it has got positive signals toward this goal. The company said in March that the EU had validated its marketing approval application for taletrectinib as a treatment for lung cancer.
Nuvation Bio Inc (NYSE:NUVB) is an American biopharmaceutical company. It focuses on developing treatments for cancer, particularly looking to offer treatment solutions for difficult cancers. Founded in 2018, Nuvation Bio is based in New York.
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