Rankings Pharma & medtech Oncoinvent
Oncoinvent
46
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Dilution and financing−9
- Capital allocation−8
Strengths
- Net cash and financing beyond readout+2
- Insider buying / specialist investors+2
How the score is built
From 100 to 46, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 66.80 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −45%
- 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−25 of −30
- −10MarginRevenue was NOK 24m (TTM, primarily grants and services) vs an operating result of −NOK 175m. There has been a loss every year (−81 to −158m NOK in operating result 2021–2025).
- −8Capital allocationSerial dilution: directed issue at NOK 2 (December 2024), fully underwritten rights issue of NOK 130m at NOK 0.50 (December 2025, 79m shares to the underwriters), then a reverse split and reduction of share capital (May 2026) and now a new issue. The adjusted share count has grown about 30x since 2023.
- −4Quality of growthOne product (Radspherin, Ra-224 microparticles) in one main indication (peritoneal metastases from ovarian cancer, after surgery) plus an early program in colon cancer. There is no partner and no source of income beyond grants.
- −3MoatRadspherin is a unique alpha platform with its own Ra-224 production, but it competes against established surgery + HIPEC/chemotherapy. The burden of proof for a local alpha treatment in the abdominal cavity is high.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −4Multiples vs own historyP/B 6.3 and EV/Sales 16.6 before the issue. There is no earnings to compare with; the price is the option value of phase 2 data. The price has risen 67% in three months before the issue.
- −2PeersEV is about NOK 310m (about DKK 215m) after the issue for a randomized phase 2 study. Perspective Therapeutics (alpha radiopharma, several clinical programs) has an EV of about USD 82m (about NOK 790m), and Curasight has an EV of about DKK 430m for phase 1/2. Oncoinvent is not expensive relatively, but not an obvious discount either.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−21 of −35
- −9Dilution and financingThe share count has risen about 400% in 12 months (stockanalysis), and the company wrote in the H1 report that it needs new financing within 12 months. Even after the September issue, cash lasts only to H2 2027, and a phase 3 study requires far more capital.
- −7Binary clinical riskAll the value rests on interim data from phase 2 in March/April 2027 with only about 40–45 patients with ≥9 months of follow-up. The phase 1 signal (1 of 10 with relapse after 24 months at the recommended dose) is based on very few patients.
- −3Price risk and overhangThe price (NOK 84.4) is below the issue price of NOK 90, and a subsequent issue at NOK 90 is planned for shareholders who did not participate. The underwriters from December 2025 received 79m shares (before consolidation) at NOK 0.50.
- −2LiquidityDaily turnover is only about DKK 0.4m (about 95,000 shares on average over 20 days), and there are 3,704 Nordnet owners. Large owners (Linc and Hadean with about 12% each) can move the price markedly.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cash and financing beyond readoutThe company is debt-free (NOK 2m in leasing), and with the September issue the cash lasts into H2 2027, after interim data in March/April 2027. The readout thus does not happen under acute financing pressure.
- +2Insider buying / specialist investorsLinc AB (NOK 17.4m) and Hadean Ventures (NOK 17.3m) pre-subscribed pro rata at NOK 90, and management subscribed for a total of NOK 1.84m in September 2026.
Caveats
What the score does not capture, or where the data is weak.
The share count is 6.13m after the issue at NOK 90 in September 2026 (stockanalysis). Nordnet's market value (DKK 263m) appears to use the old figure of 4.48m shares; at NOK 84.4 market value is about NOK 517m (about DKK 356m). The 2026 share consolidation means share counts and EPS before and after are not directly comparable. Cash after the issue is an estimate (about NOK 205m): 108.8m at 30/6, minus Q3 spending, plus about 130m net. I did not find a final announcement of completion, but the share count on stockanalysis suggests the issue has been registered. No analysts on stockanalysis. Short positions at the Danish FSA have not been checked.
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