Nanobiotix: Stifel remains buy after amendment

(CercleFinance.com) - Stifel reaffirms its 'buy' recommendation and price target of 16 euros on Nanobiotix, welcoming the amendment to the global license agreement with Janssen, which 'implements a strategic shift in financial responsibilities'.


'The amendment transfers almost all NANORAY-312 costs to Janssen, while marginally reducing the total value of the contract (from $2.7 billion to $2.6 billion with an unchanged royalty structure)', the broker recalls.

The revised agreement represents a clear de-risking strategy for Nanobiotix, providing financial relief in the short term, with an extended cash horizon to mid-2026 for a modest reduction in long-term upside potential.

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