Nuvation Bio price target lowered to $6 from $10 at RBC Capital

RBC Capital lowered the firm’s price target on Nuvation Bio (NUVB) to $6 from $10 but keeps an Outperform rating on the shares. The firm is updating its model following the company’s recent approval of Ibtrozi and transformation into a commercial stage biotech, the analyst tells investors in a research note. RBC adds that it sees some potential challenges for Ibtrozi’s launch such as patient finding and near-term competitive headwinds, but also believes that these are outweighed by the drug’s favorable profile, long treatment duration, and improving dx rates. The firm further notes that the stock is steeply discounting the newly realized commercial opportunity.