JonesTrading analyst Soumit Roy has maintained their bullish stance on NUVB stock, giving a Buy rating on November 4.
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Soumit Roy’s rating is based on several promising developments surrounding Nuvation Bio’s IDH1 inhibitor, safusidenib. The recent clinical data from Daiichi Sankyo’s Phase 2 trial in Japan demonstrated a confirmed overall response rate of 44% and a progression-free survival rate of 88% at 24 months, which underscores the drug’s potential efficacy. Additionally, Nuvation Bio’s alignment with the FDA on a clear path forward for safusidenib’s approval, along with the initiation of a pivotal trial in high-grade IDH1-mutant glioma patients, further supports the positive outlook.
Moreover, Nuvation Bio’s strategic decision to focus on patient populations that do not benefit from existing treatments like Voranigo allows them to target unmet medical needs effectively. The company’s financial position, with substantial cash reserves, also provides a solid foundation for advancing their clinical programs. These factors collectively contribute to Soumit Roy’s confidence in Nuvation Bio’s potential, justifying the Buy rating for the stock.
In another report released on November 4, H.C. Wainwright also reiterated a Buy rating on the stock with a $10.00 price target.