Rankings Pharma & medtech Pentixapharm
Pentixapharm
45
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
- Financial reporting and governance (BaFin)−7
- Financing before data−7
Strengths
- Anchor shareholder buys+2
- Regulatory validation+1
How the score is built
From 100 to 45, 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
- 1.68 EUR
- Median analyst target
- 9.27 EUR
- Upside to median
- +451.8%
- Analysts
- 2
- Target range
- 7.20 – 11.33 EUR
- 52-week change
- +9%
- 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−24 of −30
- −10MarginAlmost no revenue (EUR 0.24m TTM, 0 in H1 2026). Operating result was -EUR 17.8m TTM and -19.9m in 2025, and the company guides a net loss of about EUR 21.6m in 2026 because the PANDA study increases burn in the second half.
- −6Moat / segment of the futureAll the value rests on one diagnostic tracer, [68Ga]Ga-PentixaFor (CXCR4-PET), to distinguish unilateral from bilateral primary aldosteronism. The company itself points to market launch in 2030. Radiopharma is a hot theme, but diagnostics typically give lower prices and margins than therapy, and the PentixaTher therapy is only in phase I/II.
- −5Capital allocationThe platform was reset in 2025: less advanced programmes were dropped, and the focus was narrowed to CXCR4. At the same time the share count was increased by 44% in July 2026 (11.02m shares at 1.85 EUR), only a year after the spin-off from Eckert & Ziegler.
- −3Quality of growthRevenue has fallen from EUR 1.76m (2023) to 1.43 (2024), 0.53 (2025) and 0 in H1 2026. There is no commercial income before an approval, which is expected around 2029-2030 at the earliest.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −5Multiples vs own historyNo earnings or revenue to measure against. P/B is c. 1.6, but equity of EUR 28.5m (30/6) consists almost only of intangible assets of EUR 30.5m, which BaFin considers overvalued. The price is pure option value on PentixaFor.
- −2PeersEV is about EUR 48m (market cap 66.8 - pro forma cash 23.2 + convertible 4.0). Perspective Therapeutics (radiopharma, phase 1/2) has an EV of USD 82m. Pentixapharm is not expensive vs peers, but has only one late asset, and it is diagnostics.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−21 of −35
- −7Financial reporting and governance (BaFin)In a balance sheet review of the 2024 group accounts, BaFin concluded that intangible assets are overvalued by EUR 34.7m (capitalised development costs from the spin-off). BaFin also criticises the treatment of a patent/licence sale, the disclosure of the ultimate controlling party and transactions with related parties. The company disputes it.
- −7Financing before dataThe company says the money lasts into 2028. Topline data from PANDA is not expected until H2 2028, so money will almost certainly have to be raised again before data. The convertible from Eckert & Ziegler (4%, 2024/2027, 4.0 of EUR 18.5m drawn) matures in 2027.
- −5Clinical riskPANDA (about 325 patients, expanded from 270) must show that the PET scan can replace adrenal vein catheterisation (AVS). An Australian pilot study (n=29) found high specificity, but only 50-64% sensitivity for detecting aldosterone-producing adenomas.
- −2Liquidity in the stockAverage trading is about 10,000 shares a day (about 19,000 EUR), and free float is 18 m shares before the issue. That makes it hard to get in and out without moving the share price.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Anchor shareholder buysEckert Wagniskapital (Andreas Eckert, about 36%) exercised all of its subscription rights in the July 2026 issue, i.e. about 4m shares for about EUR 7.3m. The issue was heavily oversubscribed.
- +1Regulatory validationFDA approved the IND for the phase 3 study PANDA in June 2026 and granted Fast Track status in July 2026. FDA also approved the IND for the oncology study PENTHERA in February 2026.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis still shows 24.78m shares and a market cap of EUR 45m. That is before the July 2026 issue (11.02m new shares at EUR 1.85), so the correct share count is about 35.8m and market cap about EUR 66.8m (DKK 498m), which matches Nordnet. The company is NOT in restructuring; the ordinary calibration is used. Cash is as of 30/6-2026 plus the net proceeds from the issue (pro forma). The conversion price on the Eckert & Ziegler convertible (4%, 2024/2027) was not found. BaFin's accounting review of the 2024 accounts is not concluded, and it is unclear whether equity must be written down. Short interest in Germany (Bundesanzeiger) not checked. Only 2 analysts.
Also in Pharma & medtech
The highest scores in the same industry.
