Nuvation Bio, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Robert Burns from H.C. Wainwright reiterated a Buy rating on the stock and has a $10.00 price target.
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Robert Burns has given his Buy rating due to a combination of factors that highlight Nuvation Bio’s strategic adjustments and promising pipeline. Despite the discontinuation of NUV-1511, the company’s valuation remains unaffected as the resources initially allocated to this program are being redirected to other pipeline projects and the development of next-generation drug-drug conjugate candidates. This strategic shift is expected to leverage the learnings from NUV-1511 to enhance future developments.
Additionally, Nuvation Bio’s mature assets, such as taletrectinib, are poised to deliver significant value. The company is preparing a supplemental New Drug Application to incorporate updated data from recent studies, which have shown promising results, including a high overall response rate and low discontinuation rate. With peak sales potential for taletrectinib projected to exceed $3 billion annually, and the ongoing assessment of safusidenib in a global study, Nuvation Bio’s pipeline presents substantial growth opportunities. These factors, combined with a robust valuation model, underpin Burns’s confidence in maintaining a Buy rating with a 12-month price target of $10 per share.
In another report released on November 26, Clear Street also maintained a Buy rating on the stock with a $12.00 price target.