Mar. 3 at 12:43 PM
Citizens reiterated
$NUVB Market Outperform/
$100
$NUVL $BMY -
$ZLAB $PFE RHHBY
Citizens said:
Nuvation Bio continues to execute on the Ibtrozi launch, with 216 new patients started in 4Q25 and
$15.7M in Ibtrozi net product value.
Overall, we await penetration into front-line patients to see the effect of long-duration treatment play out and transform into sales.
The company's cash balance was
$529.2M, and OpEx was
$76.2M and
$266.7M, respectively, for 4Q25 and FY25. Management expects its cash runway to last until NUVB is cash flow positive. We maintain our Market Outperform rating and
$10 DCF-derived price target.
