Michael Yee, an analyst from Jefferies, reiterated the Buy rating on Nuvation Bio (NUVB – Research Report). The associated price target remains the same with $10.00.
Michael Yee has given his Buy rating due to a combination of factors that include the promising interim data from two pivotal studies and the acquisition of a significant asset in the form of the taletrectinib drug. The drug is expected to target a market that has previously seen billion-dollar acquisitions, indicating a high commercial potential. With interim results showing over 90% objective response rates (ORR) in ROS1-positive lung cancer patients, and the asset being in late-stage development, the market cap of Nuvation Bio appears undervalued compared to the potential market opportunity.
Moreover, the financial position of Nuvation Bio strengthens the Buy recommendation. The company boasts a robust balance sheet with substantial cash reserves and no immediate funding overhangs, providing a solid foundation to support ongoing developments and the potential commercialization of taletrectinib. The potential for revenue from the ROS1 inhibitor, coupled with the drug’s Breakthrough Therapy designation and expected regulatory submissions and approvals, paints a favorable picture for Nuvation Bio’s future prospects.
NUVB’s price has also changed dramatically for the past six months – from $1.350 to $3.300, which is a 144.44% increase.
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Nuvation Bio (NUVB) Company Description:
Panacea Acquisition Corp is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
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