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RBC Capital lowered its price target on Nuvation Bio stock (NYSE:NUVB) to $6.00 from $10.00 on Tuesday, while maintaining an Outperform rating following the company’s recent transformation into a commercial-stage biotech. The stock, currently trading at $1.78, has declined over 26% in the past week, according to InvestingPro data.
The firm’s adjustment comes after Nuvation Bio received approval for its drug Ibtrozi, marking a significant milestone for the company as it enters the commercial market.
RBC Capital identified potential challenges for Ibtrozi’s launch, including patient identification issues and near-term competitive pressures in the marketplace.
Despite these concerns, the firm believes Ibtrozi’s favorable profile, long treatment duration, and improving diagnosis rates outweigh the challenges and could drive success over the mid to longer term.
The research firm projects Ibtrozi could achieve $430 million in peak worldwide revenues, noting that the current valuation "steeply discounts" Nuvation Bio’s newly realized commercial opportunity.
In other recent news, Nuvation Bio has received full approval from the U.S. Food and Drug Administration for its lung cancer drug, IBTROZI, designed to treat advanced ROS1-positive non-small cell lung cancer. The approval is based on favorable results from the TRUST-I and TRUST-II studies, which reported high response rates in both treatment-naïve and previously treated patients. Following this approval, IBTROZI is now available for order in the United States at a monthly price of $29,488. Analysts from H.C. Wainwright and JMP Securities have maintained their optimistic ratings on Nuvation Bio, with price targets of $10 and $6, respectively, reflecting confidence in IBTROZI’s competitive profile in the market. Citizens JMP also reiterated its Market Outperform rating and $6 price target, noting the company’s detailed launch plans for the drug. Nuvation Bio has also launched NuvationConnect, a program offering financial assistance and support for eligible patients prescribed IBTROZI. The company plans to host a conference call to discuss the approval and commercialization plans further. These developments mark Nuvation Bio’s transition from a development-stage to a commercial-stage company.
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