H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Nanobiotix (0QAV – Research Report) today and set a price target of €10.00.
Swayampakula Ramakanth has given his Buy rating due to a combination of factors that bolster Nanobiotix’s financial and strategic position. The amended licensing agreement with Janssen Pharmaceuticals, a subsidiary of Johnson & Johnson, is a significant factor. This agreement is expected to extend Nanobiotix’s cash runway to mid-2026, with potential to further extend it into 2027 through additional financing options. The amendment also involves Janssen taking on the costs of the NANORAY-312 study, which could lead to meaningful financial sustainability if NBTXR3 proves successful in its initial indications.
Moreover, the potential milestone payments from the agreement, which could total up to $2.6 billion, provide a strong financial incentive. These payments are tied to the development and commercialization of NBTXR3 in various cancer indications, including head and neck cancer and non-small cell lung cancer. The anticipated data readouts in 2025 and the interim readout in 2026 are crucial milestones that could further validate the company’s prospects. The valuation analysis, using a risk-adjusted net present value approach, supports a price target of €10.00, reflecting confidence in the company’s future performance despite inherent risks.
In another report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a €16.00 price target.