Shares of Nuvation Bio (NUVB 18.01%) were skyrocketing 15.7% higher as of 11:20 a.m. ET on Tuesday. The big jump came after two positive developments for the cancer-focused drugmaker.
Nuvation Bio announced on Tuesday morning that it has enrolled the first patient in its phase 3 clinical study evaluating Ibtrozi (taletrectinib) for the treatment of resected ROS1-positive early stage non-small cell lung cancer (NSCLC). Also, Jefferies (JEF -1.91%) initiated coverage on Nuvation Bio with a buy rating. The investment banking and capital markets company set a price target for the stock of $10, reflecting an upside potential of roughly 210% from Nuvation's closing price on Monday, Sept. 29, 2025.
The bigger news
Which news provided the bigger catalyst for Nuvation Bio's stock? It was almost certainly Jefferies' decidedly upbeat coverage. Investors already anticipated that Nuvation would soon get patient enrollment going with its new phase 3 study of Ibtrozi. However, they didn't know that Jefferies would issue such a bullish price target.
Jefferies' price target of $10 is the highest 12-month target for Nuvation. But there's plenty of enthusiasm about the stock on Wall Street. All 10 of the analysts surveyed by S&P Global (SPGI -0.94%) in September rated Nuvation Bio as a "buy" or better.
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Is Nuvation Bio stock a buy?
Nuvation Bio probably won't be a great fit for risk-averse investors. Although the company received U.S. regulatory approval for Ibtrozi in June 2025 for treating locally advanced or metastatic ROS1+ NSCLC, it's a one-trick pony for now -- and an unprofitable one.
However, I think more aggressive investors might like Nuvation Bio. Ibtrozi should have significant commercial potential. Wall Street analysts have a good reason to be bullish about this stock.
