Guggenheim began covering Nanobiotix with a Buy rating and $64 target, citing J&J-partnered JNJ-1900’s Phase 3 trial in head and neck cancer patients ineligible for platinum chemotherapy; it sees high odds of success, with final data expected in H1 2027.
In May, the FDA cleared a protocol amendment removing the planned interim analysis and moving NANORAY-312 to an earlier final analysis requiring fewer events. Nanobiotix said the change left the primary and secondary endpoints, hazard ratios and expected effect size unchanged. J&J is the trial’s global sponsor and covers nearly all remaining costs.
Nanobiotix’s 2023 global licensing agreement with J&J has an approximately $2.6 billion potential value, not money already received; significant portions depend on development, regulatory and sales milestones. JNJ-1900 remains investigational, with J&J also studying it in Phase 1b head and neck cancer among platinum-eligible patients and in a Phase 2 trial for stage 3 unresectable non-small cell lung cancer.
