Analyst Clémence Thiers of Stifel Nicolaus maintained a Buy rating on Nanobiotix (0QAV – Research Report), retaining the price target of €16.00.
Clémence Thiers has given his Buy rating due to a combination of factors, primarily centered around Nanobiotix’s strategic amendment to its global licensing agreement with Janssen. This renegotiation has transferred nearly all financial responsibilities for the pivotal NANORAY-312 P3 trial to Janssen, significantly reducing Nanobiotix’s financial burden and extending its cash runway to mid-2026. Although the total deal value has been slightly reduced, the core value-driving milestones remain intact, ensuring that the company’s key programs continue to progress.
Furthermore, the revised agreement underscores Janssen’s growing commitment to the NBTXR3 program, which is a testament to the platform’s potential. The ongoing support from Janssen ensures that the late-stage development of NBTXR3, particularly the NANORAY-312 program, will proceed without financial interruptions. This strategic move not only mitigates short-term financial risks for Nanobiotix but also reinforces confidence in the company’s long-term growth prospects, justifying the Buy rating.