5 Best Penny Stocks That Could Skyrocket in 2026

​3. Nuvation Bio Inc. (NYSE:NUVB)

Number of Hedge Fund Holders: 41

Upside Potential: 150.00%

Nuvation Bio Inc. (NYSE:NUVB) is one of the Best Penny Stocks That Could Skyrocket in 2026. On June 9, Reuters reported that GSK agreed to acquire cancer drug developer Nuvalent for a deal worth $10.6 billion. On the same day, RBC Capital reiterated a Buy rating on Nuvation Bio Inc. (NYSE:NUVB) with a price target of $20.

​The firm sees the acquisition of Nuvalent as a positive sign for Nuvation Bio, as Nuvalent competes directly with the company in the ROS1 non-small cell lung cancer space. The firm noted that GSK attributed up to $3.5 billion, almost 25% to 33% of the deal value, to Nuvalent’s ROS1 asset. RBC sees meaningful upside potential based on the ROS1 drug, Ibtrozi, alone. Moreover, GSK management explicitly said it would consider acquiring a separate ROS1 inhibitor. RBC noted that this comment puts Nuvation Bio in the spotlight as a potential target.

​That said, Nuvation Bio Inc. (NYSE:NUVB) reported its fiscal Q1 2026 results. During the quarter, the company delivered $83.2 million in revenue, exceeding the estimation of $62.7 million. The net product revenue from IBTROZI reached $18.5 million during the quarter, reflecting 18% year-over-year increase.

​Analysts remain bullish on the stock, with the 12-month average price target suggesting roughly 150% upside from the current level.

​Nuvation Bio Inc. (NYSE:NUVB) is an oncology company focused on developing therapies for cancer treatment.