Analyst Jonathan Chang of Leerink Partners maintained a Buy rating on Nanobiotix (NBTX – Research Report), with a price target of $9.00.
Jonathan Chang has given his Buy rating due to a combination of factors that positively impact Nanobiotix’s financial outlook and strategic positioning. The recent amendment to the licensing agreement with Johnson & Johnson is a significant development, as it extends Nanobiotix’s cash runway to mid-2026, thereby reducing the company’s balance sheet risk. This financial stability is crucial as it allows the company to focus on advancing its clinical trials, particularly the NANORAY-312 study, which is a key component of their pipeline.
Furthermore, the collaboration with Johnson & Johnson is expected to cover nearly all costs associated with the ongoing NANORAY-312 trial, which will significantly lower Nanobiotix’s operating expenses. This financial relief, combined with the potential for additional non-dilutive financing options, positions the company well for future growth. Despite the inherent risks associated with developing a novel radioenhancer like NBTXR3, the partnership with Johnson & Johnson and the promising data from ongoing studies suggest substantial commercial opportunities, justifying the Buy rating.
Chang covers the Healthcare sector, focusing on stocks such as Replimune Group, Kura Oncology, and Mersana Therapeutics. According to TipRanks, Chang has an average return of -10.5% and a 30.06% success rate on recommended stocks.