Clear Street says thesis intact after Nuvation’s NUV-1511 discontinued

Clear Street reiterates a Buy rating and $12 price target on shares of Nuvation Bio (NUVB) after the company announced that it has discontinued development of NUV-1511, its lead DDC for advanced solid tumors. Clear Street does not view this as thesis-changing, telling investors in a research note that taletrectinib and safusidenib are distinct assets and that it expects blockbuster potential from taletrectinib and safusidenib’s success, with pivotal trial completion in 2029, offers incremental upside to the firm’s model.