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Initiator Pharma A/S (INIT) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Initiator Pharma A/S stock SEK 0.63, price SEK 2.18, that is 71.1% below the price, quality 46 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare SE · Home Denmark · ISIN DK0060775872

IP Initiator Pharma A/S logo Thin data Nov 4, 2026

Initiator Pharma A/S

INIT · ST
Very expensive, weak quality

Our calculation puts a fair price 71% below what the stock costs today.

Low debt
Quality 46/100
Mixed vs. peers (4/8)
Fair value kr 0.6300 · Strongly overvalued
Negative free cash flow
Narrow moat 10/100 · thin data
Thin data
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What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 10.85 kr 1.75 Fair Value kr 0.6300 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range kr 1.75 – kr 10.85 · fair‑value band kr 0.4200 – kr 0.7900 · the kr 2.18 price screens above the kr 0.6300 fair value. As of Nov 4, 2026.

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Company profile

Initiator Pharma A/S, a clinical stage life science company, develops drugs targeting unmet medical needs within the central and peripheral nervous system.

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Its product pipeline includes Pudafensine, a monoamine reuptake inhibitor, which completed phase IIb clinical trial primarily targeting the dopamine system for treatment resistant organic erectile dysfunction, as well as completed phase I to treat neuropathic pain; and IP2018, a monoamine reuptake inhibitor which completed Phase IIa for the treatment of psychogenic erectile dysfunction.

The company also develops IP2016, which is in preclinical development for the treatment of depression and pain; and Pudafensine and IP2018, which is in preclinical development to treat female sexual dysfunction.

Initiator Pharma A/S was incorporated in 2016 and is headquartered in Copenhagen, Denmark.

Stock analysis

Initiator Pharma A/S (INIT) currently trades at kr 2.18, while our model-based Fair Value estimate is kr 0.6300, 71% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: kr 0.4200 (bear) to kr 0.7900 (bull), the price of kr 2.18 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 46/100 (below-average quality), in the Healthcare sector.

Initiator Pharma A/S reported revenue of 0 DKK in FY2025 versus 0 DKK in FY2021. Reported net income was −14.0M DKK in FY2025.

Key figures

Market cap 149M SEK (≈ $15.1M) Micro · EPS (TTM) kr −0.6000 · Return on equity −336% · Return on assets (EBIT) −28.3% (5-year average) · Free cash flow −17.8M SEK · Net cash 24.1M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −71%, INIT screens richer than that median.

Fair Value models

Bear kr 0.4200 Fair Value kr 0.6300 Bull kr 0.7900
Price kr 2.18 · Downside -71.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) kr 0.4200 kr 0.6400 kr 0.7900 55
All 1 models by family
Asset-Based
NCAV (Graham) kr 0.4200 kr 0.6400 kr 0.7900 55

Open the full fair value analysis →

Quality Score breakdown

Overall quality 46/100

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

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 25
Are margins and returns getting better?
Cashflow 53
Do the profits arrive as real cash?
Financial strength 99
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 54
How calm the share price moves, does not count
Price momentum 11
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 13
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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

INIT screens overvalued: fair value 71% 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 · 558 stocks

Beats the industry median on 4/7 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 46 · Above median
Fair Value upside −71.1% · Below median
Profitability
Return on assets −42.5% · Bottom 25%
Operating margin (12 months) 0.0% · Above median
Growth and dividend
Revenue growth (quarter YoY) 0.0% · Above median
Balance sheet
Debt / equity 0.07× · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.51× · Cheapest 25%

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)96 · sector 97
DIVIDEND (yield)0 · sector 22

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
Incyte Corporation INCY $119.65 $199.23 +67% vs INIT
Regeneron Pharmaceuticals, Inc REGN $904.35 $1,275 +41% vs INIT
Vertex Pharmaceuticals Incorporated VRTX $547.09 $601.80 +10% vs INIT
Samsung Biologics Co 207940 1,516,000 KRW 1,667,600 KRW +10% vs INIT
Genmab A/S GMAB kr 3,527 kr 3,880 +10% vs INIT
WuXi Biologics (Cayman) Inc 2269 HK$47.62 HK$52.38 +10% vs INIT
argenx SE ARGX $927.21 $908.40 −2% vs INIT
CSL Limited CSL A$200.77 A$183.04 −9% vs INIT
Celltrion, Inc 068270 211,000 KRW 74,945 KRW −64% vs INIT
Royalty Pharma plc RPRX $67.30 $19.01 −72% vs INIT

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Initiator Pharma A/S: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Initiator Pharma A/S Fair Value". https://www.fairvalue-calculator.com/stock/INIT

Frequently asked questions

Is Initiator Pharma A/S (INIT) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of kr 0.6300 versus a price of kr 2.18, about 71% lower (overvalued).
What is the fair value of INIT?
Our model-based fair value for Initiator Pharma A/S is kr 0.6300 (as of Nov 4, 2026), built from audited fundamentals. The current price: kr 2.18.
What is the quality score of INIT?
Initiator Pharma A/S has a Quality Score of 46/100. 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 Initiator Pharma A/S (INIT)?
Our model-based price target is the fair value of kr 0.6300 (as of Nov 4, 2026) from 1 valuation models. Cautious scenario kr 0.4200, optimistic scenario kr 0.7900. It is a calculation from audited fundamentals, not an analyst target.
What is the Initiator Pharma A/S stock forecast for 2026?
Our models put fair value at kr 0.6300, about 71% lower versus a price of kr 2.18 (overvalued). Cautious scenario kr 0.4200, optimistic scenario kr 0.7900. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Initiator Pharma A/S (INIT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Initiator Pharma A/S it is kr 0.6300 per share (as of Nov 4, 2026), against a price of kr 2.18. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Initiator Pharma A/S stock overvalued or undervalued in 2026?
As of Nov 4, 2026, INIT trades above its calculated fair value: price kr 2.18, fair value kr 0.6300, a gap of about −71% (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 INIT?
No. The price is what the market pays today (kr 2.18); the fair value is what the company's own numbers justify (kr 0.6300). For Initiator Pharma A/S the two are kr 1.55 per share apart. That gap is exactly why we show both numbers side by side.
How much is Initiator Pharma A/S worth?
The market values Initiator Pharma A/S at about 149M SEK (market capitalisation, as of Nov 4, 2026). Per share that is kr 2.18; our models calculate a fair value of kr 0.6300 per share.
What do the bullish and bearish scenarios say about INIT?
Our models span a range for Initiator Pharma A/S: cautious scenario kr 0.4200, base kr 0.6300, optimistic kr 0.7900 per share (as of Nov 4, 2026, price kr 2.18). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Initiator Pharma A/S (INIT)?
Balance-sheet figures for Initiator Pharma A/S (as of Nov 4, 2026): return on equity −336.2%, debt of 0.07 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is INIT from its 52-week high?
Initiator Pharma A/S trades at kr 2.18, about 39% below its 52-week high of kr 3.56 and 25% above the low of kr 1.75 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.6300 is for.
Which stocks are comparable to Initiator Pharma A/S?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, CSL Limited, argenx SE, 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 Initiator Pharma A/S stock attractive at the current price?
The data as of Nov 4, 2026: price kr 2.18, calculated fair value kr 0.6300 (−71%), Quality Score 46/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INIT calculated?
We run Initiator Pharma A/S through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 0.6300 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Initiator Pharma A/S 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 Initiator Pharma A/S (INIT)?
The closing price on Nov 6, 2026 was kr 2.18. Our model-based fair value is kr 0.6300, about 71% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Initiator Pharma A/S right now?
The price sits above even our optimistic bull case (kr 0.7900). The favourable scenario is already priced in. Weak quality (46/100) 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. A fairly wide model range (kr 0.4200 to kr 0.7900) leaves room in how you read the outcome.

Key figures of Initiator Pharma A/S

How large is the market capitalisation of Initiator Pharma A/S (INIT)?
The market capitalisation of Initiator Pharma A/S is 149M SEK (≈ $15.1M). 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 Initiator Pharma A/S (INIT)?
Earnings per share at Initiator Pharma A/S are kr −0.6000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Initiator Pharma A/S (INIT)?
The return on equity (ROE) of Initiator Pharma A/S is −336% (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 Initiator Pharma A/S (INIT)?
On an EBIT basis the return on assets of Initiator Pharma A/S is −28.3% (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.
How much free cash flow does Initiator Pharma A/S (INIT) generate?
The free cash flow of Initiator Pharma A/S is −17.8M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Initiator Pharma A/S (INIT) hold?
Initiator Pharma A/S holds more cash than debt, 24.1M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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