Nuvation Bio (NUVB) is approaching its Q1 earnings as an important checkpoint for the commercial trajectory of its ROS1 inhibitor Ibtrozi, with early signs of accelerating uptake and potential expansion into earlier lines of therapy, Wedbush Securities said in a Thursday note.

According to the report, Ibtrozi generated $15.7 million in Q4 2025 revenue with 216 new patient starts, bringing total starts to 432 since launch.

Wedbush said a significant share of those starts has occurred in later-line settings, where discontinuation rates are higher and could create a temporary gap in revenue growth over the next one to two quarters.

Wedbush said physician survey data indicate Ibtrozi could become the fastest-growing ROS1 inhibitor in the first-line setting, with share rising from about 12% to roughly 20% over the next six months.

The firm said prescribing intent remains broad across treatment settings despite limited commercial engagement to date, highlighting an opportunity for increased sales outreach.

The brokerage said IQVIA retail sales and prescription data indicate continued sequential growth, though data limitations prevent precise extrapolation.

It added that earlier-line use is expected to reduce discontinuation rates and allow revenue growth to more closely track new patient starts over time.

Wedbush maintained an outperform rating on the stock with a price target of $11.

Shares of Nuvation Bio were down 2.8% in Thursday trading.

Price: 4.69, Change: -0.13, Percent Change: -2.70