Reiterating Buy on NovaBridge: Strong Phase 1b Givastomig Data, Manageable Safety, and Attractive Entry Point Support $9 Target

Justin Zelin, an analyst from BTIG, reiterated the Buy rating on NovaBridge Biosciences. The associated price target remains the same with $9.00.

Justin Zelin’s rating is based on several factors, primarily the strength of NovaBridge’s Phase 1b data for givastomig in first-line HER2‑negative metastatic gastric cancer. He highlights that the regimen delivers consistently high response rates at both tested doses, with rapid and deep tumor shrinkage seen across biomarker subgroups, including patients with low PD‑L1 and CLDN18.2 expression where existing targeted options tend to perform poorly. The emerging durability profile is another key driver, with progression‑free survival at the 8 mg/kg dose materially exceeding historical benchmarks from prior first‑line chemo‑immunotherapy trials, and a sizable portion of patients still on treatment, suggesting that benefits may be long‑lasting. He also notes that the modest pullback in the share price appears tied to headline optics around response normalization rather than any real degradation in clinical performance, creating an attractive entry point relative to the underlying data.

In addition, Zelin underscores that safety remains aligned with standard first‑line chemo‑IO regimens, with no clear dose‑limiting toxicities emerging between the 8 mg/kg and 12 mg/kg doses. Immune‑mediated gastritis events have been largely low grade and manageable, and they may actually reflect on‑target immune engagement rather than a prohibitive risk, supporting continued dose exploration. With the program now de‑risked in his view and a global randomized Phase 2 trial scheduled to begin in early 2026, he believes clinical momentum is building and could unlock further value as data mature and are presented at upcoming medical meetings. Combined with his discounted cash flow valuation framework, these clinical and strategic factors support his decision to reiterate a Buy rating and a $9 price target on NBP shares.