Citizens analyst Jonathan Wolleben reiterated a Market Outperform rating and $86.00 price target on Nexxen (NASDAQ: NEXN).

The analyst commented, "MBX is one of our top picks in 2026 given management’s execution to date, the breadth of the PEP platform, and multiple clinical readouts that we expect to drive shares higher. Earlier this week, MBX hosted an Obesity Day, showing that MBX 4291 is an active GLP/GIP agonist amenable to monthly dosing, with a potentially differentiated tolerability profile (see our coverage here). The upcoming OLE data for canvuparatide is the next catalyst for shares. We think response rates should be in line with Yorvipath, with other endpoints, such as urinary calcium, bone effects, and calcium excursions, affording other potential areas of differentiation beyond the important once-weekly dosing. MBX is kicking off its Phase 3 trial of canvuparatide in 3Q26, which could mean top-line data in 2H27, depending on the speed of enrollment. We think the hypoparathyroid market will surpass expectations, with Yorvipath on track for blockbuster sales in just its second year on the market. We model >$3B in peak sales for canvuparatide and assign the candidate an 80% POS."

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Shares of Nexxen closed at $7.61 yesterday.