Nanobiotix (ENXTPA:NANO): Assessing Valuation After a 500% Year-to-Date Share Price Surge

Nanobiotix (ENXTPA:NANO) has quietly turned into a high beta oncology name for French investors, with the stock up about 5% over the past month and roughly 144% in the past 3 months.

See our latest analysis for Nanobiotix.

That surge sits on top of a powerful backdrop, with the share price now at $18.28 and a year-to-date share price return near 500%. The 1-year total shareholder return is close to that level, and the 3-year total shareholder return is also strong, which signals that momentum is still very much building rather than fading.

If Nanobiotix’s run has you thinking more broadly about oncology and drug developers, it could be a good moment to scout other ideas among healthcare stocks.

With shares already up several hundred percent and trading only modestly below analyst targets, the key question now is whether Nanobiotix still offers meaningful upside or whether the market has already priced in its future growth potential.

Preferred Multiple of Price to Book: Is it justified?

With Nanobiotix trading at €18.28 and sitting just below consensus targets, its balance sheet tells a different story via a deeply negative price to book ratio.

The price to book multiple compares a company’s market value to its net assets. This measure is particularly important for capital intensive or asset heavy sectors. For biotechs, it can flag whether investors are paying far above stated book value for future optionality and intellectual property.

In Nanobiotix’s case, liabilities exceed assets, resulting in negative shareholders’ equity and a price to book ratio of roughly -12.8. This reflects investors effectively setting aside accounting book value and instead paying for the company’s clinical pipeline and growth prospects.

This stands in stark contrast to both the French biotech industry’s average price to book of about 2.8 and a broader peer average nearer 4.8. It underlines how aggressively the market is valuing Nanobiotix relative to the sector’s typical balance sheet based benchmarks.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price to book of -12.8x (OVERVALUED)

However, significant clinical or regulatory setbacks for NBTXR3, or delays in commercialization with partners, could quickly compress expectations embedded in Nanobiotix’s elevated valuation.

Find out about the key risks to this Nanobiotix narrative.

Build Your Own Nanobiotix Narrative

If you see things differently or want to dig into the numbers yourself, you can shape a personalized thesis in just a few minutes: Do it your way.

A great starting point for your Nanobiotix research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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