Nanobiotix initiated with an Outperform at Leerink

Leerink initiated coverage of Nanobiotix (NBTX) with an Outperform rating and $11 price target. The clinical-stage biotechnology company is developing the radioenhancer product, NBTXR3, under a collaboration agreement with Johnson & Johnson (JNJ) that is intended to improve on the therapeutic benefit of RT, one of the most commonly utilized modalities in cancer treatment, the analyst tells investors. NBTXR3 is currently being evaluated in the Phase III NANORAY-312 study in the the lead indication of locally advanced squamous-cell carcinoma of the head and neck, or LA HNSCC, the analyst noted. The firm views the LA HNSCC trial as “a viable shot-on-goal” and ascribes 50% probability-of-success, the analyst added.