Nanobiotix Stock Plummets 7.17% to €35.72 Despite a 919% Yearly Increase
The French biotech company experiences a second significant session of decline after reaching a record high last week. The stock is back to levels not seen since early May, despite an annual performance still exceeding 900%. This movement contrasts with a 0.68% rise in the SBF 120 during the session.
Sharp Profit-Taking After Last Week's Post-Study CONVERGE Rally
Nanobiotix stock falls 7.17% to €35.72 mid-session, ranking as the worst performer in the SBF 120 while the broader index gains 0.68%. The stock continues the correction that began yesterday, following Tuesday's 8.24% decline. The weekly drop reaches 11.28%, but the annual performance remains spectacular at over 919%.
This movement follows the presentation of phase 2 CONVERGE data on the drug candidate JNJ-1900, developed in partnership with Johnson & Johnson for non-small cell lung cancer. The study reported an overall response rate of 85.7% in the first part. The initial enthusiasm had propelled the stock, before traders moved into a profit-taking phase. The three-month performance is still strong at 60.18%.
Portzamparc Sets a Target at €35, in Line with the Current Price
Portzamparc released a target price of €35 on Monday, with a 'hold' recommendation. The level is now almost reached after today's decline: at €35.72, the price is 2% above the target set by the research firm. This publication comes in a context of reevaluation by analysts after the stock's exceptional rally.
In terms of indicators, the price remains well above its moving averages: +4.35% above the MM20 (€34.23), +18% above the MM50 (€30.27), and +80.4% above the MM200 (€19.80). The RSI at 57 returns to a neutral zone after recent peaks, indicating the exhaustion of the buying momentum. The identified technical support is at €25.62, still far from current levels. The resistance at €46.18, close to the record high, now frames the upper zone of the movement.
