Ram Selvaraju, an analyst from H.C. Wainwright, reiterated the Buy rating on Nicox SA. The associated price target remains the same with €1.50.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Ram Selvaraju has given his Buy rating due to a combination of factors related to Nicox’s financial position and clinical progress. The company has eliminated its secured debt and extended its cash runway beyond 2027 through a new bond issuance that does not encumber its assets, which materially strengthens the balance sheet and financial flexibility. He also highlights that Nicox is actively exploring strategic options such as collaborations or business combinations, while advancing NCX 470 toward a planned U.S. NDA filing in summer 2026, followed closely by a submission in China. In addition, the ongoing Phase 3 program in Japan, fully funded by partner Kowa, further validates the global potential of NCX 470 and provides non-dilutive support to the development program.
Selvaraju emphasizes that NCX 470 has met the primary endpoint in two Phase 3 glaucoma trials, which he believes strongly underpins the likelihood of U.S. regulatory approval and supports the projected NDA timeline. The successful Denali study has already triggered a milestone payment from Kowa, and Nicox remains eligible for substantial additional milestones as well as U.S. sales royalties that could begin later in the decade. His valuation, which yields a price target of about €1.50 per share, is driven largely by the projected asset value of NCX 470 and ZERVIATE, adjusted for cash and debt, and incorporates an 85% probability of approval for NCX 470. While he notes regulatory, commercial, and dilution risks, he concludes that the risk‑reward profile remains favorable, justifying the reiterated Buy rating.
According to TipRanks, Selvaraju is a 5-star analyst with an average return of 25.9% and a 56.36% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Vanda, Anavex Life Sciences, and Genmab.