Nuvation Bio's (NUVB) leadership showed "significant excitement" around the Safusidenib clinical program, with strong recent data and new trials expected to demonstrate the company's commitment to the asset that could unlock over $3 billion in US sales, RBC Capital Markets said Wednesday.

Management remains committed to Safusidenib's development and targeting all parts of the glioma pie, and enrollment in Sigma is progressing steadily, with the team hoping for data in 2027, the note added.

The company reiterated its Ibtrozi strategy of focusing on first-line treatment patients, which should translate into higher revenues in the back half of the year and allow Nuvation to meet consensus sales estimates, according to the note. RBC estimates $128 million in 2026 sales.

Nuvation Bio could potentially be an acquisition target, and any deal would need to appropriately value both the Ibtrozi commercial opportunity and the Safusidenib pipeline, the brokerage said.

RBC has an outperform, speculative risk rating on Nuvation Bio with a price target of $19.

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