Jefferies analyst Michael Yee downgraded Nuvation Bio to Hold from Buy with a price target of $2, down from $5, calling Nuvation a "show-me" story going into 2023 as the company continues to shift focus to its novel BET program as well as advancing in its DDC platform. While noting that the stock trades at negative enterprise value, he is downgrading since both programs are early and yet to be validated with any clinical data and Yee thinks it may take time to get to value creating clinical data catalysts in 2023.
Published first on TheFly
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