Shares of Nanobiotix (NASDAQ: NBTX), a biotechnology company, are soaring 5.07% in pre-market trading on Monday. The stock's upward movement comes on the heels of a significant price target upgrade from a major Wall Street firm.

Jefferies, a prominent investment bank and financial services company, has substantially raised its target price for Nanobiotix. The firm increased its price target from $8.3 to $24.7, representing a nearly threefold increase. This bullish outlook from Jefferies appears to be the primary catalyst for the stock's pre-market rally.

The dramatic increase in the price target suggests that Jefferies analysts have become significantly more optimistic about Nanobiotix's future prospects. While the specific reasons for the upgrade were not provided in the available news, such a substantial revision often indicates positive developments in a company's pipeline, financial outlook, or market potential. Investors will likely be watching closely for any additional information or announcements from Nanobiotix in the coming days to better understand the factors driving this newfound optimism.