Nuvation Bio's (NUVB) shares have "meaningful" room to run given Ibtrozi's accelerating commercial performance, the continued clinical de-risking of safusidenib, and emerging monetization opportunities, Wedbush Securities said in a Wednesday note.

Shares rose today following incremental datapoints disclosed during a live corporate presentation, as well as what the firm viewed as a delayed reaction to recently filed positive phase 2 safusidenib data.

Nuvation Bio highlighted "strong" early performance from Ibtrozi, Wedbush said, noting 204 new patient starts in the third quarter and broad uptake across first-line and post-TKI settings for the non-small cell lung cancer treatment.

Median duration of response has now matured to 50 months in pooled Trust phase 1 and 2 trial analyses, prompting submission of a label amendment and supporting upward revisions to peak revenue assumptions, according to the research note.

The brokerage noted that Nuvation Bio expects to announce an ex-US Ibtrozi partnership ahead of anticipated European Medicines Agency approval in mid-2026, representing an incremental monetization opportunity.

While management indicated they are comfortable with $14.4 million consensus revenue for Q4 and $142 million for fiscal 2026, Wedbush said these estimates may ultimately prove conservative given broad prescriber adoption, rapid payor coverage expansion, and increased diagnostic testing.

The firm raised its price target on Nuvation Bio to $11 from $7 and reiterated its outperform rating.

Shares of Nuvation Bio were up 51% in recent trading.

Price: 7.24, Change: +2.44, Percent Change: +50.73