Nuvation Bio

NUVB · NYSE

$4.77+$0.29 (+6.47%)TodayMarket closed · Oct 20, 7:58 PM ET

Prev close $4.48

NUVB analyst rating

BuyConsensus of 11 analysts over the last 12 months. 91% rate it a buy.

Strong buy0
Buy10
Hold1
Underperform0
Sell0

12-month price target · 12 analysts

Average $13.57 (+184.4% upside)

Low: $7.07
Now: $4.77
High: $22.05

Upgrades and downgrades

The latest rating actions, newest first

NUVB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Citigroup	Sep 30, 2026	Initiates	Buy	$12.00	60%
Citizens	Sep 16, 2026	Maintains	Market Outperform	$10.00	14%
Wedbush	Sep 16, 2026	Maintains	Outperform	$11.00	46%
Cantor Fitzgerald	Aug 21, 2026	Initiates	Overweight	—	52%
JP Morgan	Aug 18, 2026	Initiates	Overweight	$13.00	18%
RBC Capital	Aug 7, 2026	Maintains	Outperform	$19.00 → $20.00	49%
HC Wainwright & Co.	Jul 27, 2026	Maintains	Buy	$17.00 → $21.00	41%
Wedbush	Jul 23, 2026	Maintains	Outperform	$11.00	46%
RBC Capital	Jul 7, 2026	Maintains	Outperform	$20.00 → $19.00	49%
Truist Securities	Jul 7, 2026	Maintains	Buy	$12.00 → $13.00	47%

The case for and against

Updated Oct 14, 2026

Bull case

Nuvation Bio is supported by Ibtrozi’s strong commercial launch in 2025, with net U.S. product revenue rising from $7.7M in Q3’25 to $23.2M in Q2’26 and cumulative revenue of about $66M by 6/30/26, while the 1L share of new starts stabilized near 30%. Its differentiated profile in ROS1+ NSCLC—90% ORR, 46-month median PFS, 50-month median DOR, CNS symptom improvement, and no CNS/psychiatric warnings—helps explain why it is viewed as a potential market leader with a meaningful first-mover advantage. Beyond Ibtrozi, safusidenib adds major pipeline optionality through pivotal Phase 3 development in IDH1-mutant glioma, with Phase 2 data showing 52% cORR and 79% 36-month PFS, supporting the view that the company combines a growing commercial floor with substantial longer-term upside.

Bear case

Nuvation Bio is facing a negative outlook because its lead assets still sit in a high-risk clinical and regulatory path, with median PFS not reached but 12-month PFS still immature and safety data in 532 ROS1+ NSCLC patients showing rising TEAEs, dose reductions, and discontinuations as exposure increases. The commercial case also looks constrained: ROS1+ NSCLC is only about 2% of NSCLC, uptake depends on finding new patients and 1L use, and taletrectinib lacks a formally announced European partner, limiting near-term global monetization and royalty visibility. Financially, reliance on Japan-heavy revenue, possible dilution from additional equity financing, and up to $100M of debt tied to the Sagard Health Partners deal add balance-sheet pressure to an already competitive oncology pipeline.

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