Rankings Pharma & medtech BioInvent

BioInvent

Pharma & medtech · SwedenRank 575 of 829Prices 19 Oct 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−12
Funding and dilution−12
Multiples vs own history−6

Strengths

Clinical data and FDA status+2
Strategic investment+1

How the score is built

From 100 to 48, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

48Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of 19 Oct 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: 21.60 SEK
Median analyst target: 74.70 SEK
Upside to median: +245.8%
Analysts: 3
Target range: 65.00 – 90.00 SEK
52-week change: −17%
P/E (trailing): n/a
Forward P/E: n/a
PEG: n/a

Findings

Every deduction and every plus, with its source. Open a step to read them.

Business

Is the company getting stronger, not just bigger? · 4 findings−21 of −30

Margin
Revenue SEK 32.5m vs an operating loss of 509m (TTM), i.e. an operating margin of -1,567%. There have been losses every year in 2021-2025, and only 2022 was close to zero thanks to one-off licences.
stockanalysis.com
−12
Quality of growth
Net revenue fell to SEK 26.2m in H1 2026 from 220.2m a year earlier, because 2025 was lifted by a one-off sale of royalties. There is no recurring revenue.
inderes.se
−3
Capital allocation
Dilution was large in 2021 (+89%, SEK 901m) and 2022 (+14%, 280m). There have been no issues since 2023, but the money from the royalty sale and the issues has been spent, and cash has fallen from SEK 797.5m to 340.8m in a year.
stockanalysis.com
−3
Future segment
The company has been listed for over 20 years without an approved product. Both main projects (BI-1808 and BI-1206) are in phase 1/2, and BI-1206's pivotal study requires a partner that has not yet been found.
borsvarlden.com
−3

Price

Today's multiples against the company's own history and its peers. · 2 findings−9 of −35

Multiples vs own history
P/B 4.75 is the highest in 2021–2025 (0.95–3.47), and equity (SEK 317m) is almost only cash, which is burned at approx. 110m per quarter.
stockanalysis.com
−6
Peers
EV of SEK 1.2bn vs Saniona 0.8bn (net cash, two big pharma licenses) and AlzeCure about 0.9bn (Lilly license and funded for 3 years). BioInvent has no license with upfront payment on its main assets.
stockanalysis.com
−3

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−19 of −35

Funding and dilution
Cash was SEK 340.8m at 30/6, and operating spending was 112m in Q2. According to the company that lasts to the end of Q1 2027, and there is material uncertainty about financing. An issue of about SEK 400-500m at the current market cap of 1.5bn would dilute by 30% or more.
borsvarlden.com
−12
Partner dependence
The BI-1206 triplet (83% response in refractory NHL) is to move on in a partner-led pivotal study, set for 2027. Without a partnership agreement the company has neither the money nor the organisation for phase 3.
inderes.se
−5
Liquidity in the stock
On average about 76,000 shares are traded a day (about 1.7 m SEK), and free float is 31 m of 65.8 m shares. That gives large share price swings on an issue or a sale by a large owner.
stockanalysis.com
−2

Plus

Only documented strengths. · 2 findings+3 of +15

Clinical data and FDA status
BI-1808 (anti-TNFR2) gave a 24% confirmed response (incl. CR) in 25 heavily pretreated patients with ovarian cancer, about three times historical data for monotherapy, and received Fast Track from the FDA 7/8-2026.
inderes.se
+2
Strategic investment
The Leukemia & Lymphoma Society admitted BioInvent to its Therapy Acceleration Program with a strategic investment of USD 3m (July 2026).
mfn.se
+1

Caveats

What the score does not capture, or where the data is weak.

According to the company and Redeye, cash only lasts to the end of Q1 2027, so financing in H2 2026 (a deal, asset sale or issue) is almost certain. The terms are unknown and will decide the price. 2025 revenue of SEK 226m was mainly a one-off sale of royalties. The shareholder list comes from a secondary source (Affärsvärlden) and has not been checked against Euroclear. Insider trades and short interest have not been reviewed. The content of the ESMO abstract is unknown.