Nanobiotix: Oddo BHF still buying after amendment

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on Nanobiotix shares, along with its target price of E10, about which it says that the risk/reward seems particularly attractive at these valuation levels, following the announcement of an amendment to the agreement with Janssen.


The broker points out that this amendment results in a downward readjustment of the contract value, to around $2.6bn, but extends the company's financial visibility until mid-2026.

This announcement has no negative impact on our milestone sequence, as we have only included a total amount of $1.3bn in our valuation model in order to remain conservative, the analyst says.

Medium-term performance should be driven by a dense clinical newsflow, with the publication of Phase 1 results in several indications in 2025 and interim results from Phase 3 NANORAY-312 in mid-2026, he continues.


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