First Berlin reiterates Buy on Northwest Biotherapeutics, keeps USD 1 price target

Propensity-score matching and inverse probability weighting suggested the previously reported 2.8-month median overall-survival gain was understated.

Updated estimates showed a 3.4-6.3 month benefit across matching analyses, and 3.4-4.3 months across weighting analyses, with statistical significance maintained.

First Berlin said the results strengthen the evidence base for the ongoing UK marketing authorization application ahead of an expected MHRA decision later this year.

First Berlin reiterated a Buy rating on Northwest Biotherapeutics, keeping its 12-month target price at USD 1.

The note cited new patient-level analyses of the Phase 3 DCVax-L glioblastoma study presented at the 2026 BNOS meeting.