Nuvation Bio Inc. (NUVB) is a Buy at H.C. Wainwright on Cancer Drug Development Progress

Nuvation Bio Inc. (NYSE:NUVB) is a must-buy penny stock to buy now. On November 4, H.C. Wainwright analyst Robert Burns reiterated a Buy rating on the stock and set a $10 price target. The Buy rating was issued after Nuvation Bio Inc. (NYSE:NUVB) announced the enrollment of 204 new patients in its trial of IBTROZI, a cancer therapy for non‑small cell lung cancer.

The enrollment comes on IBTROZI, showing a robust durability profile with a 50-month median duration of response. In September, the company’s partner, Nippon Kayaku, secured approval from Japan’s Ministry of Health for the use of the drug in patients with advanced ROS1+ NSCLC. Consequently, the company is on track to receive a $25 million milestone payment upon establishing the reimbursement price in Japan.

 “Our early launch progress underscores our team’s expertise in rare disease and ability to execute, as well as the positive sentiment of the community for the value of our medicine,” said David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio.

For the three months ended September, Nuvation generated $5.4 million in revenue from collaboration and license agreements, compared to $0.7 million for the same period last year. The increase was due to $3.8 million generated from its agreement with Nippon Kayaku.

Nuvation Bio Inc. (NYSE:NUVB) is a biopharmaceutical company focused on developing and commercializing novel oncology (cancer) therapies. Its work involves creating drugs to treat difficult-to-treat cancers, with a pipeline of candidates that target specific cancer pathways to improve patient outcomes and overcome resistance to current treatments.

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Disclosure: None. This article is originally published at Insider Monkey.