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GlycoNex (4168) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of GlycoNex stock TWD 13.22, price TWD 21.15, that is 37.5% below the price, quality 43 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare TW · ISIN TW0004168000

G GlycoNex logo Thin data Nov 10, 2026

GlycoNex

4168 · TWO
Very expensive, weak quality

Our calculation puts a fair price 37% below what the stock costs today.

Low debt
Quality 43/100
Mixed Growth (revenue 5y +142.6 %/yr in TWD)
Mixed vs. peers (3/7)
Revenue last quarter 88% below a year ago.
Fair value 13.22 TWD · Strongly overvalued
Negative free cash flow
Narrow moat 8/100
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

44.10 TWD 15.75 TWD Fair Value 13.22 TWD Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range 15.75 TWD – 44.10 TWD · fair‑value band 9.91 TWD – 16.52 TWD · the 21.15 TWD price screens above the 13.22 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

GlycoNex Incorporation engages in the development of cancer drugs using glycosphingolipid antigen and human monoclonal antibody technologies in Japan and Taiwan.

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The company's pipeline under the BLA stage consists of SPD8-P, a Prolia biosimilar for the treatment of osteoporosis; and SPD8-R, a Xgeva biosimilar for the treatment of bone cancer metastases.

It also develops GNX102, a humanized monoclonal antibody, which is in Phase 1 clinical trials for the treatment of various solid tumor types, such as colorectal, gastric, lung, breast, and pancreatic cancers; GNX1021, an antibody"drug conjugate that has completed the preclinical stage for oncology indications; GNX201-ADC, an antibody drug in the preclinical stage for the treatment of solid tumors; and GNX203, a glycan-directed antibody drug currently in the lead optimization stage for the treatment of solid tumors, including pancreatic, colorectal, and gynecologic cancers.

In addition, the company offers technical consulting services for antibody manufacturing; and general investment services.

It has a collaboration with Mitsubishi Gas on the development of denosubmab biosimilar SPD8. GlycoNex Incorporation was incorporated in 2001 and is based in New Taipei City, Taiwan.

Stock analysis

GlycoNex (4168) currently trades at 21.15 TWD, while our estimate is 13.22 TWD, 37% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: 9.91 TWD (bear) to 16.52 TWD (bull), the price of 21.15 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 43/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

GlycoNex reported revenue of 37.9M TWD in FY2025 versus 5.5M TWD in FY2021, a compound +62.2%/yr. Reported net income was −235M TWD in FY2025.

Key figures

Market cap 2.4B TWD (≈ $72.5M) Micro · EPS (TTM) −2.44 TWD · Return on equity −29.3% · Return on assets (EBIT) −14.0% (5-year average) · Operating margin −3,005% · Revenue (TTM) 22.2M TWD · Revenue growth (YoY) −88.2% · Free cash flow −173M TWD.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (medium confidence).

What moves the price

The share trades about 28% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −37%, 4168 screens richer than that median.

Fair Value

Bear 9.91 TWD Fair Value 13.22 TWD Bull 16.52 TWD
Price 21.15 TWD · Downside -37.5%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 43/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 86
Are margins and returns getting better?
Cashflow 5
Do the profits arrive as real cash?
Financial strength 83
Debt, balance sheet and risk of trouble
Investment 72
Does it invest with discipline instead of growing at any price?
Low Volatility 73
How calm the share price moves, does not count
Price momentum 34
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 18
Distance to the 52-week high, does not count
New shares 41
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+157.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+142.6%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+66.7%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−35,240.8% (2020) → −659.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

4168 screens overvalued: fair value 37% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 3/6 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 43 · Above median
Fair Value upside −37.5% · Below median
Profitability
Return on assets −15.1% · Above median
Growth and dividend
Revenue growth (quarter YoY) −88.2% · Bottom 25%
Balance sheet
Debt / equity 0.48× · Highest 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 2.42× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)76 · sector 96
DIVIDEND (yield)0 · sector 20

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs 4168
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs 4168
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs 4168
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs 4168
argenx SE ARGX $971.55 $908.40 −7% vs 4168
CSL Limited CSL A$201.68 A$181.40 −10% vs 4168
Moderna, Inc MRNA $250.83 $158.70 −37% vs 4168
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs 4168
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs 4168
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs 4168

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GlycoNex: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "GlycoNex Fair Value". https://www.fairvalue-calculator.com/stock/4168

Frequently asked questions

Is GlycoNex (4168) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is 13.22 TWD versus a price of 21.15 TWD, about 37% lower (overvalued).
What is the fair value of 4168?
Our estimate for GlycoNex is 13.22 TWD (as of Nov 10, 2026), built from audited fundamentals. The current price: 21.15 TWD.
What is the quality score of 4168?
GlycoNex has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for GlycoNex (4168)?
Our calculated price target is the estimate of 13.22 TWD (as of Nov 10, 2026). Cautious scenario 9.91 TWD, optimistic scenario 16.52 TWD. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the GlycoNex stock forecast for 2026?
Our estimate puts fair value at 13.22 TWD, about 37% lower versus a price of 21.15 TWD (overvalued). Cautious scenario 9.91 TWD, optimistic scenario 16.52 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of GlycoNex (4168)?
GlycoNex reported trailing-twelve-month revenue of about 22.2M TWD (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of GlycoNex (4168)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For GlycoNex it is 13.22 TWD per share (as of Nov 10, 2026), against a price of 21.15 TWD.
Is GlycoNex stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 4168 trades above its calculated fair value: price 21.15 TWD, fair value 13.22 TWD, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 4168?
No. The price is what the market pays today (21.15 TWD); the fair value is what the company's own numbers justify (13.22 TWD). For GlycoNex the two are 7.93 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is GlycoNex worth?
The market values GlycoNex at about 2.4B TWD (market capitalisation, as of Nov 10, 2026). Per share that is 21.15 TWD; our models calculate a fair value of 13.22 TWD per share.
What do the bullish and bearish scenarios say about 4168?
Our models span a range for GlycoNex: cautious scenario 9.91 TWD, base 13.22 TWD, optimistic 16.52 TWD per share (as of Nov 10, 2026, price 21.15 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of GlycoNex (4168)?
Balance-sheet figures for GlycoNex (as of Nov 10, 2026): return on equity −29.3%, debt of 0.48 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is 4168 from its 52-week high?
GlycoNex trades at 21.15 TWD, about 28% below its 52-week high of 29.40 TWD and 6% above the low of 19.95 TWD (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of 13.22 TWD is for.
Which stocks are comparable to GlycoNex?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is GlycoNex stock attractive at the current price?
The data as of Nov 10, 2026: price 21.15 TWD, calculated fair value 13.22 TWD (−37%), Quality Score 43/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. GlycoNex itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of GlycoNex (4168)?
The closing price on Nov 10, 2026 was 21.15 TWD. Our estimate is 13.22 TWD, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with GlycoNex right now?
The price sits above even our optimistic bull case (16.52 TWD). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of GlycoNex

How large is the market capitalisation of GlycoNex (4168)?
The market capitalisation of GlycoNex is 2.4B TWD (≈ $72.5M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of GlycoNex (4168)?
Earnings per share at GlycoNex are −2.44 TWD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of GlycoNex (4168)?
The return on equity (ROE) of GlycoNex is −29.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of GlycoNex (4168)?
On an EBIT basis the return on assets of GlycoNex is −14.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of GlycoNex (4168)?
The operating margin of GlycoNex is −3,005% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at GlycoNex (4168)?
Revenue at GlycoNex is growing −88.2% versus a year earlier (3y avg +8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does GlycoNex (4168) generate?
The free cash flow of GlycoNex is −173M TWD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does GlycoNex (4168) carry?
The net debt of GlycoNex is 6.8M TWD (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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