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On Friday, Guggenheim revised its price target for Nanobiotix (EPA:NANOB) S.A (NASDAQ: NBTX), reducing it to $8.00 from the previous $12.00, while still upholding a Buy rating for the stock. Currently trading at $3.38, the company has a market capitalization of $161 million. According to InvestingPro data, analyst targets range from $3.69 to $9.19, with a strong consensus recommendation of 1.5 (between Strong Buy and Buy). The adjustment follows Nanobiotix’s full-year 2024 earnings report, which aligned with earlier disclosures. Analysts at Guggenheim highlighted the company’s recent amendment to its collaboration with Johnson & Johnson (JNJ), which alleviates most of Nanobiotix’s funding responsibilities for the NANORAY-312 project. This change is expected to significantly decrease the company’s cash burn rate.
Nanobiotix has also shared promising early clinical activity data from Study 1100 and an Investigator Sponsored Trial (IST) from MD Anderson in non-small cell lung cancer (NSCLC), which analysts believe could positively influence the ongoing Phase II CONVERGE trial in unresectable NSCLC conducted by JNJ. The company continues to anticipate data from ISTs in pancreatic ductal adenocarcinoma (PDAC) and esophageal cancer in the first half of 2025 and throughout the year, respectively.
The focus for Nanobiotix remains on the Phase III NANORAY-312 trial for locally-advanced head and neck squamous cell carcinoma (HNSCC), with interim results expected in the first half of 2026. As of the second half of 2024, Nanobiotix reported having €49.7 million in cash reserves, which is projected to fund operations until mid-2026. While the stock has experienced a significant 6.37% decline over the past week, analysts anticipate sales growth in the current year. Get deeper insights into Nanobiotix’s financial health and growth prospects with InvestingPro, which offers exclusive access to detailed financial analysis and 6 additional ProTips for informed investment decisions.
In light of the second half of 2024 outcomes and the revised expectations for recurrent/metastatic HNSCC, Guggenheim has updated its model for Nanobiotix. This update has led to the new price target of $8 per American Depositary Receipt (ADR), while reiterating the Buy rating on the company’s stock.
In other recent news, Nanobiotix has reported preliminary results from a Phase 1 study of its product NBTXR3 for treating non-small cell lung cancer (NSCLC). The study, conducted in collaboration with The University of Texas MD Anderson Cancer Center, showed favorable safety and efficacy outcomes in patients with locally advanced NSCLC who were eligible for re-irradiation. The dose escalation part of the study involved 12 patients and identified no dose-limiting toxicities or serious adverse events related to NBTXR3 at grade 3 or higher. The recommended phase 2 dose was determined to be 33% of the gross tumor volume. Preliminary survival data showed a 12-month local progression-free survival rate of 64% and a 12-month overall survival rate of 83%. This indicates that NBTXR3 could potentially provide a new treatment option for NSCLC patients who have exhausted other therapies. The expansion phase of the study is underway, with 5 out of 12 patients having received injections. NBTXR3, which is composed of functionalized hafnium oxide nanoparticles, is administered via a one-time intratumoral injection and activated by radiotherapy. This product has already received a European CE mark for soft tissue sarcomas and a Fast Track designation from the U.S. Food and Drug Administration for certain head and neck cancers.
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