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Innate Pharma (IPH) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Innate Pharma stock €0.97, price €1.32, that is 26.5% below the price, quality 27 out of 100. Rating: 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 FR · ISIN FR0010331421

IP Innate Pharma logo Thin data Nov 10, 2026

Innate Pharma

IPH · PA
Expensive, weak quality

Our calculation puts a fair price 27% below what the stock costs today.

Revenue last quarter +17% vs. a year ago.
Negative equity (buybacks among others)
Mixed vs. peers (2/5)
Fair value €0.9700 · Overvalued
Quality 27/100
Weak Growth (revenue 5y −47.5 %/yr in EUR)
Negative free cash flow
Narrow moat 23/100
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

€7.00 €1.06 Fair Value €0.9700 Sep 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 €1.06 – €7.00 · fair‑value band €0.7300 – €1.22 · the €1.32 price screens above the €0.9700 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

Innate Pharma S.A. operates as a biotechnology company that develops immunotherapies for cancer patients in France and internationally.

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The company's products include Lacutamab (IPH4102), an anti-KIR3DL2 antibody, which is in Phase II clinical trials for the treatment of cutaneous T-cell and peripheral T-cell lymphoma; IPH4502, a novel and differentiated topoisomerase I inhibitor ADC conjugated to exatecan targeting Nectin-4; and Monalizumab, a dual checkpoint inhibitor that targets T Cells and NK Cells.

It also develops IPH5201, a blocking antibody that is in Phase II clinical trials targeting the CD39 immunosuppressive pathway; IPH5301, an anti-CD73 antibody targeting the immunosuppressive adenosine pathway; IPH6401, an BCMA-targeting NK cell engager; IPH6101, a NKp46-based NK cell engager that targets CD123 proprietary multi-specific antibody format; and IPH62, an B7-H3-targeting NK cell engager.

In addition, the company develops IPH6501, a tetra-specific NK cell engager to activate receptors, NKp46 and CD16, tumor antigen (CD20) and an interleukin-2 receptor. The company has licensing and collaboration agreements with AstraZeneca, Novo Nordisk A/S, Sanofi, and Orega Biotech.

Innate Pharma S.A. was incorporated in 1999 and is based in Marseille, France.

Stock analysis

Innate Pharma (IPH) currently trades at €1.32, while our estimate is €0.9700, 27% 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: €0.7300 (bear) to €1.22 (bull), the price of €1.32 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 27/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Innate Pharma reported revenue of €2.8M in FY2025 versus €12.1M in FY2021, a compound −30.7%/yr. Reported net income was −€49.2M in FY2025.

Key figures

Market cap €147M Micro · P/S ratio 14.3 · EPS (TTM) €−0.5100 · Return on equity −271% · Return on assets (EBIT) −34.9% (5-year average) · Operating margin −336% · Revenue growth (YoY) +16.5% · EPS growth (YoY) −74.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (medium confidence).

What moves the price

The share trades about 40% 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 −7% fair-value upside, at −27%, IPH screens richer than that median.

Fair Value

Bear €0.7300 Fair Value €0.9700 Bull €1.22
Price €1.32 · Downside -26.5%
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 27/100

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

Profitability 2
How much profit the company makes from its sales and capital
Quality Growth 23
Are margins and returns getting better?
Cashflow 13
Do the profits arrive as real cash?
Financial strength 33
Debt, balance sheet and risk of trouble
Investment 94
Does it invest with discipline instead of growing at any price?
Low Volatility 22
How calm the share price moves, does not count
Price momentum 4
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 29
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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−77.9%
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.
−61.7%
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.
−47.5%
Start year 2020 (pandemic). Over 10 years: −17.0% a year
Revenue growth 22 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.
+4.6%
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.
1.5% (2020) → −2,058.0% (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

IPH screens overvalued: fair value 27% 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 2/5 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside −26.5% · Above median
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −78.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 16.5% · Above median
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 15.03× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)83 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 20

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

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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

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Innate Pharma: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Innate Pharma Fair Value". https://www.fairvalue-calculator.com/stock/IPH.PA

Frequently asked questions

Is Innate Pharma (IPH) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €0.9700 versus a price of €1.32, about 27% lower (overvalued).
What is the fair value of IPH?
Our estimate for Innate Pharma is €0.9700 (as of Nov 10, 2026), built from audited fundamentals. The current price: €1.32.
What is the quality score of IPH?
Innate Pharma has a Quality Score of 27/100. 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 Innate Pharma (IPH)?
Our calculated price target is the estimate of €0.9700 (as of Nov 10, 2026). Cautious scenario €0.7300, optimistic scenario €1.22. 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 Innate Pharma stock forecast for 2026?
Our estimate puts fair value at €0.9700, about 27% lower versus a price of €1.32 (overvalued). Cautious scenario €0.7300, optimistic scenario €1.22. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Innate Pharma (IPH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Innate Pharma it is €0.9700 per share (as of Nov 10, 2026), against a price of €1.32.
Is Innate Pharma stock overvalued or undervalued in 2026?
As of Nov 10, 2026, IPH trades above its calculated fair value: price €1.32, fair value €0.9700, a gap of about −27% (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 IPH?
No. The price is what the market pays today (€1.32); the fair value is what the company's own numbers justify (€0.9700). For Innate Pharma the two are €0.3500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Innate Pharma worth?
The market values Innate Pharma at about €147M (market capitalisation, as of Nov 10, 2026). Per share that is €1.32; our models calculate a fair value of €0.9700 per share.
What do the bullish and bearish scenarios say about IPH?
Our models span a range for Innate Pharma: cautious scenario €0.7300, base €0.9700, optimistic €1.22 per share (as of Nov 10, 2026, price €1.32). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Innate Pharma (IPH)?
Balance-sheet figures for Innate Pharma (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is IPH from its 52-week high?
Innate Pharma trades at €1.32, about 40% below its 52-week high of €2.19 and 25% above the low of €1.06 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €0.9700 is for.
Which stocks are comparable to Innate Pharma?
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 Innate Pharma stock attractive at the current price?
The data as of Nov 10, 2026: price €1.32, calculated fair value €0.9700 (−27%), Quality Score 27/100. 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. Innate Pharma 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 Innate Pharma (IPH)?
The closing price on Nov 10, 2026 was €1.32. Our estimate is €0.9700, about 27% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Innate Pharma right now?
The price sits above even our optimistic bull case (€1.22). The favourable scenario is already priced in. Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Innate Pharma

How large is the market capitalisation of Innate Pharma (IPH)?
The market capitalisation of Innate Pharma is €147M. 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 is the P/S ratio of Innate Pharma (IPH)?
The price-to-sales ratio of Innate Pharma is 14.3 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Innate Pharma (IPH)?
Earnings per share at Innate Pharma are €−0.5100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Innate Pharma (IPH)?
The return on equity (ROE) of Innate Pharma is −271% (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 Innate Pharma (IPH)?
On an EBIT basis the return on assets of Innate Pharma is −34.9% (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 Innate Pharma (IPH)?
The operating margin of Innate Pharma is −336% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Innate Pharma (IPH)?
Revenue at Innate Pharma is growing +16.5% versus a year earlier (3y avg −61.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Innate Pharma (IPH)?
Earnings per share at Innate Pharma are growing −74.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Innate Pharma (IPH) generate?
The free cash flow of Innate Pharma is −€52.9M (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 Innate Pharma (IPH) hold?
Innate Pharma holds more cash than debt, €5.5M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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