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LivestreamMenuNuvation Bio is likely to double as it deepens its push to commercialize its cancer drug IBTROZI as well as other treatments, according to JPMorgan. The investment bank initiated coverage of Nuvation Bio with an overweight rating. It also put a $13 price target on shares, implying 101% upside from Monday’s close. “Our positive thesis centers on 1) early commercial execution for IBTROZI (taletrectinib) in advanced ROS1+ non-small cell lung cancer, where the launch is showing durable and growing first-line adoption,” Priyanka Grover said Tuesday in a note to clients. NUVB 3M mountain NUVB 3-mo chart The release in China of Phase 3 trial data on taletrectinib’s efficacy compared to crizotinib in the treatment of non-small cell lung cancer is slated to come out in 2029, according to JPMorgan. Grover added that Nuvation Bio will likely be able to accelerate revenue growth by leveraging its existing client base, particularly if taletrectinib proves to be effective as a first-line treatment for relatively long periods of time. JPMorgan’s call falls in line with consensus on Wall Street. Of the 10 analysts covering Nuvation Bio, 10 have a buy or strong buy on the stock, LSEG data shows. Shares have jumped 56% over the past three months. The climbed another 1% on Tuesday following JPMorgan’s bullish call.Read More
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