Truist Securities on Nuvation Bio Inc (NUVB): safusidenib opportunity 'represents meaningful upside'

Truist Securities analyst Greg Renza reiterated a Buy rating and $12.00 price target on Nuvation Bio Inc (NYSE: NUVB)

The analyst commented, "This morning, NUVB reported the company has amended its existing exclusive license agreement for safusidenib with Daiichi Sankyo (DSKYF, NR) to include Japan rights, effectively securing exclusive global development and commercialization rights. We caught up with management for more color. Recall, AnHeart in-licensed worldwide rights to safusidenib from Daiichi Sankyo in 2020, and Daiichi Sankyo had retained rights in Japan. The amended agreement enables NUVB to expand its ongoing pivotal SIGMA study of safusidenib into Japan, and provides rights to all previously generated and future data to support further publication of safusidenib results in IDH1-mutant glioma. Notably, as of this February, the 12 responders from the 27 patient ph.II dataset from the March 2023 cutoff remain on treatment, per management, and longer-term follow-up is to come at a future conference. We believe the safusidenib opportunity in high grade mIDH1 glioma represents meaningful upside to our model (we currently model ~$800M in FY35E WW sales). Our near-term investment thesis remains centered on the launch of Ibtrozi in ROS1 NSCLC (on track for ~$986M in WW sales in FY35E following initial uptake trends compared to historic ROS1 TKIs). We reiterate our Buy rating and $12 PT."

For an analyst ratings summary and ratings history on Nuvation Bio Inc click here. For more ratings news on Nuvation Bio Inc click here.

Shares of Nuvation Bio Inc closed at $4.29 yesterday.

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