Rankings Pharma & medtech SynAct Pharma

SynAct Pharma

Pharma & medtech · SwedenRank 635 of 829Prices 3 Nov 2026Model 1.4

15070100

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

Biggest deductions

Margin−10
Clinical evidence−8
Financing and partner dependence−8

Strengths

Safety profile and patent+2

How the score is built

From 100 to 44, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

44Score

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: 16.08 SEK
Median analyst target: 34.70 SEK
Upside to median: +115.8%
Analysts: 2
Target range: 30.00 – 39.40 SEK
52-week change: −33%
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−27 of −30

Margin
No revenue. The operating result was −SEK 116.5m in 2025 and −55.1m in H1 2026, and there have been losses every year since the listing in 2016.
storage.mfn.se
−10
Clinical evidence
The phase 2b study ADVANCE (246 patients) missed the primary endpoint DAS28-CRP; ACR20 was over 75% vs about 60% on placebo at 40 mg (p = 0.06). It is the third RA study without a hit primary endpoint (EXPAND 2023 and RESOLVE part A were also negative), and the case for phase 3 rests on secondary endpoints (SDAI) and post hoc subgroups.
edisongroup.com
−8
Capital allocation
The share count rose 12.7% over a year (49.9 to 56.2m), including a directed issue of SEK 51.9m in March 2026. At the same time, own shares were bought for SEK 5m in January–February 2026, shortly before new shares were issued, while cash was small.
storage.mfn.se
−6
Market and moat
RA is a crowded market with MTX, TNF inhibitors, IL-6, JAK inhibitors and cheap biosimilars. Resomelagon is to be positioned as an add-on to MTX in newly diagnosed RA with a modest effect difference; the patent in the USA (exclusivity to 2044) is a strength.
storage.mfn.se
−3

Price

Today's multiples against the company's own history and its peers. · 1 finding−7 of −35

Price vs history and peers
P/B is 5.8 vs 7.1 at the end of 2025, but 1.8–2.0 in 2023–2024, and EV is approx. SEK 980m for an asset where phase 2b missed the primary endpoint. For comparison: Vicore EV approx. SEK 1.7bn (phase 2b IPF), BioInvent approx. 1.2bn and Saniona approx. 0.8bn.
stockanalysis.com
−7

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−18 of −35

Financing and partner dependence
Cash was SEK 14.2m at 30/6-2026 after -34.5m in operating cash flow in Q2. The Fenja facility (up to SEK 100m) is convertible debt at STIBOR + 8% maturing 31/12-2027 and converting at SEK 24.60 plus 2.04m warrants at SEK 27.55. Phase 3 requires a partner, which is still missing.
biostock.se
−8
Insider selling
On 8/9-2026 CEO Jeppe Øvlesen sold 150,000 and CSO Thomas Jonassen 350,000 shares at SEK 17.80 (about SEK 8.9m in total), officially to pay tax, a few weeks after the lock-up was extended to year-end.
mfn.se
−4
Related-party transactions
NBCD A/S, which owns 10.6% of the shares, is also the company's CRO and received approx. SEK 19.8m as a related-party transaction in H1 2026, i.e. around a third of costs.
storage.mfn.se
−3
Execution of studies
RESPIRE is delayed by an early influenza season and has had to add sites in New Zealand; RESOVIR-2 (dengue) is being split and part 2 is recruited only in H1 2027; the iMN study has disappointing recruitment and is being deprioritised.
storage.mfn.se
−3

Plus

Only documented strengths. · 1 finding+2 of +15

Safety profile and patent
The 40 mg dose had placebo-level side effects in ADVANCE, and in June 2026 the company received a US patent securing exclusivity to 2044, plus a positive patent decision for the tablet formulation in August.
storage.mfn.se
+2

Caveats

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

Cash at 30/6-2026 was only SEK 14.2m; the penny figures are pro forma with the Fenja convertible (SEK 50m drawn in July, net about 48m after a 3.5% fee), the optional second draw of 50m in Q4 2026 and a Danish tax credit of 8m in November 2026. Debt is set at SEK 100m if both draws are used (maturity 31/12-2027). Quarterly spending (30m) is an estimate between Q2 operating cash flow (-34.5m) and the 2025 average (-24m). The post hoc analysis of ADVANCE (ACR20 79% vs 55%) is based on excluding about 20% of patients and is not a pre-specified endpoint. No stockanalysis forecast (404); Edison and Redeye cover the company, but price targets were not retrieved. Short interest not found. The remuneration to Boesen Biotech (the COO's company, up to DKK 4.5m in milestones and a 3% royalty) is not included in the valuation.