“BUY” Recommendation for NanoGroup S.A.
“BUY” Recommendation for NanoGroup S.A.
On 17 September 2026, Dom Maklerski INC S.A. issued a “BUY” recommendation for NanoGroup S.A. The target price for NanoGroup S.A. shares was set at 3.99 PLN, representing an upside potential of 64.9% relative to the reference share price of 2.42 PLN.
In the report, analysts at Dom Maklerski INC S.A. highlight NanoGroup S.A.’s diversified portfolio of biotechnology and medtech projects, which focuses on solutions with potentially short paths to commercialisation.
NanOX – Transition to the Regulatory Phase
One of NanoGroup’s key projects remains NanOX, an extracorporeal kidney perfusion system for transplantation purposes, which is now entering the regulatory phase.
The system is already operational, and NanoGroup is moving forward with the regulatory pathway. According to the assumptions outlined in the INC brokerage house report, one of the project’s key milestones is obtaining CE certification for the NanOX Recovery Box device no later than Q1 2027.
The report then anticipates the potential establishment of a commercial partnership in 2027, followed by the launch of device sales after certification and the commencement of sales of the NanOX 4 Kidney perfusion solution from 2030 onwards.
A successful 12-hour autotransplantation procedure in a porcine model provided important validation of the NanOX technology concept.
AUX-001 – Advancing Clinical Development
The second major project highlighted in the report is AUX-001, a modified-release formulation of nicorandil being developed for the treatment of chronic stable angina pectoris in the US market.
Phase 1a of the clinical trial has been completed. The next stage is Phase 1b, planned for the first half of 2027.
The results are expected to enable the project to reach full partnering readiness and continue its regulatory development under the FDA’s 505(b)(2) pathway, which leverages existing data on the reference drug.
Expansion into Value Added Medicines
The INC report also highlights the planned integration of Auxilius Pharma, which is expected to expand NanoGroup’s operations into the Value Added Medicines segment.
The planned transaction involves the acquisition of up to 100% of the shares in Auxilius Pharma. Its implementation was supported by the dedicated Series O share issuance approved on 26 August 2026.
In the assessment of the analyst at Dom Maklerski INC S.A., combining the medtech segment, represented by the NanOX project, with the Value Added Medicines business is expected to further diversify NanoGroup’s business model and its potential future revenue streams.
The recommendation and target price form part of an independent analysis prepared by Dom Maklerski INC S.A. and should be considered in the context of the full analytical report, including its underlying assumptions, risk factors and valuation methodology.