Nuvation Bio (NUVB.N): Emerging oncology leader with exciting pipeline/portfolio trajectory: Initiate Buy/HR, $12 TP

We are initiating coverage of Nuvation Bio with a Buy/HR rating and $12 TP. In our view, NUVB provides a compelling commercial oncology franchise with a high growth late-stage pipeline opportunity. Nuvation is a global, commercial-stage oncology company with two lead assets: 1) Ibtrozi (taletrectinib), a ROS1 inhibitor approved for the treatment of advanced ROS1+ NSCLC, and 2) safusidenib, an IDH1 inhibitor in pivotal development for the treatment of IDH1-mutant glioma. The company is also advancing its drug-drug-conjugate program (DDC) to support development of additional targeted oncology candidates. With an encouraging early launch of Ibtrozi supported by potentially best-in-class efficacy and safety profile, we model 2035 sales of $1.1B. We believe safusidenib represents the most significant component of the NUVB story, developed across both low-grade and high-grade IDH1-mutant gliomas including post-vora settings, with launch expected in 2029. We model continued Ibtrozi growth and