B.Riley has reaffirmed a Buy rating on Nuvation Bio Inc (NYSE:NUVB) and maintained a $12.00 price target, citing growing momentum for the company’s oncology product Ibtrozi.
The biotech, with a market capitalization near $2 billion, carries a strong analyst consensus rating of 1.4 and a range of price targets from $10 to $17, according to InvestingPro data.
IQVIA WSP weekly sales data for Ibtrozi through the week ending January 23, 2026, showed the therapy climbing to a new weekly high of roughly $1.7 million. That followed a holiday-period trough when weekly sales dipped to about $800,000 in the week of January 2, 2026.
B.Riley noted that fourth-quarter 2025 sales were softer than some buy-side expectations, but attributed much of that softness to seasonal patterns around Thanksgiving and New Year’s, when fewer patients seek genetic testing for ROS1-positive diagnosis. The firm highlighted that, notwithstanding seasonal pressure, Ibtrozi posted 6% growth in Q4 2025. That performance contrasts with the roughly 20% declines typically seen for other ROS1 drug launches during holiday stretches.
Management has reported rapid uptake in the market, saying that Nuvation Bio reached a market leadership position within two quarters of Ibtrozi’s launch and calling it the fastest lung cancer launch to date, in their view. B.Riley said second-quarter 2026 should provide improved visibility on the mix of early- versus late-line patients receiving the therapy.
The firm also flagged several upcoming catalysts that could shape the commercial opportunity. These include an expected competitor FDA approval in the late third quarter and the possibility of glioma pivotal interim data being reported earlier, in late 2026 or early 2027, which could expand the addressable market beyond current indications.
In additional corporate developments, Nuvation Bio announced a licensing agreement with Eisai Co., Ltd. under which Eisai will develop and commercialize taletrectinib for ROS1-positive non-small cell lung cancer across specified international territories including Europe, the Middle East, Canada, and parts of Asia. Under the agreement, Nuvation Bio will receive an upfront payment of 850 million (approximately $60 million) and may earn up to 45 million (approximately $170 million) in further milestone payments, in addition to double-digit tiered royalties.
Analyst reactions have varied following publication of fourth-quarter 2025 figures. H.C. Wainwright trimmed its price target to $17 from $18 after Ibtrozi fourth-quarter sales of about $15.7 million came in slightly below the firm’s estimate but were in line with consensus expectations.
Truist Securities increased its price target on Nuvation Bio to $13 while maintaining a Buy rating, citing pre-report disclosures of the company’s Q4 2025 performance and conversations with management. Jones Trading raised its target to $12 and retained a Buy stance, pointing to an anticipated study update on safusidenib, an IDH1 inhibitor, expected by the end of 2026. Citizens reiterated a Market Outperform rating with a $10 price target, emphasizing the strong execution of the Ibtrozi launch and the potential for rapid U.S. growth.
Together, these analyst actions and the licensing deal underscore continuing interest from investors and industry participants, even as near-term sales cadence remains influenced by seasonal testing behavior and competitive developments.