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Hansa Biopharma AB (HNSA) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Hansa Biopharma AB stock SEK 27.88, price SEK 38.94, that is 28.4% below the price, quality 38 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 SE · ISIN SE0002148817

HB Hansa Biopharma AB logo Thin data Nov 10, 2026

Hansa Biopharma AB

HNSA · ST
Expensive, weak quality

Our calculation puts a fair price 28% below what the stock costs today.

Expensive Growth (revenue 5y +105.3 %/yr in SEK)
Negative equity (buybacks among others)
Moderate moat 56/100 · thin data
Fair value kr 27.88 · Overvalued
Quality 38/100
Negative free cash flow
Trails peers (0/5)
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

kr 135.55 kr 21.00 Fair Value kr 27.88 Aug 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 kr 21.00 – kr 135.55 · fair‑value band kr 20.91 – kr 34.85 · the kr 38.94 price screens above the kr 27.88 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

Hansa Biopharma AB (publ), a biopharmaceutical company, engages in development and commercialization of treatments for patients with rare immunological conditions in Sweden, North America, and rest of Europe.

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The company offers Idefirix(imlifidase), which targets and cleaves all classes of immunoglobulin G (IgG) antibodies for the desensitization treatment of sensitized adult kidney transplant patients with a positive crossmatch test.

It also develops HNSA-5487, a next generation IgG-cleaving enzyme to address acute and chronic neuro-autoimmune conditions, including myasthenia gravis. In addition, the company evaluates imlifidase in three therapy areas, including autoimmune, gene therapy, and transplantation.

It has a collaboration agreement with Sarepta Therapeutics to assess imlifidase as a pre-treatment in limb-girdle muscular dystrophy (LGMD) and duchenne muscular dystrophy (DMD) and research and development collaboration agreement with Genethon to evaluate the safety and efficacy of imlifidase as pre-treatment to gene therapy in Crigler-Najjar syndrome patients with anti-AAV antibodies.

Hansa Biopharma AB (publ) was formerly known as Hansa Medical AB (publ) and changed its name to Hansa Biopharma AB (publ) in December 2018. Hansa Biopharma AB (publ) was incorporated in 2007 and is headquartered in Lund, Sweden.

Stock analysis

Hansa Biopharma AB (HNSA) currently trades at kr 38.94, while our estimate is kr 27.88, 28% 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: kr 20.91 (bear) to kr 34.85 (bull), the price of kr 38.94 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 38/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Hansa Biopharma AB reported revenue of 222M SEK in FY2025 versus 33.9M SEK in FY2021, a compound +60.0%/yr. Reported net income was −529M SEK in FY2025.

Key figures

Market cap 4.0B SEK (≈ $402M) Small · P/S ratio 19.3 · EPS (TTM) kr −7.86 · Return on equity −4,177% · Return on assets (EBIT) −57.8% (5-year average) · Operating margin −335% · Revenue (TTM) 189M SEK · Revenue growth (YoY) −2.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).

What moves the price

The share trades about 17% below its 52-week high and 57% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −28%, HNSA screens richer than that median.

Fair Value

Bear kr 20.91 Fair Value kr 27.88 Bull kr 34.85
Price kr 38.94 · Downside -28.4%
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 38/100

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

Profitability 6
How much profit the company makes from its sales and capital
Quality Growth 88
Are margins and returns getting better?
Cashflow 34
Do the profits arrive as real cash?
Financial strength 33
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 6
How calm the share price moves, does not count
Price momentum 63
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 70
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

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. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+29.7%
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.
+12.9%
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.
+105.3%
Start year 2020 (pandemic). Over 10 years: +44.9% a year
Revenue growth 17 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.
+57.0%
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.
−6,970.8% (2020) → −234.3% (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

HNSA screens overvalued: fair value 28% 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 0/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Below median
Fair Value upside −28.4% · Below 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 −45.4% · Below median
Growth and dividend
Revenue growth (quarter YoY) −2.1% · Below 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) 20.92× · Priciest 25%

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

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Hansa Biopharma AB: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Hansa Biopharma AB Fair Value". https://www.fairvalue-calculator.com/stock/HNSA

Frequently asked questions

Is Hansa Biopharma AB (HNSA) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is kr 27.88 versus a price of kr 38.94, about 28% lower (overvalued).
What is the fair value of HNSA?
Our estimate for Hansa Biopharma AB is kr 27.88 (as of Nov 10, 2026), built from audited fundamentals. The current price: kr 38.94.
What is the quality score of HNSA?
Hansa Biopharma AB has a Quality Score of 38/100. 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 Hansa Biopharma AB (HNSA)?
Our calculated price target is the estimate of kr 27.88 (as of Nov 10, 2026). Cautious scenario kr 20.91, optimistic scenario kr 34.85. 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 Hansa Biopharma AB stock forecast for 2026?
Our estimate puts fair value at kr 27.88, about 28% lower versus a price of kr 38.94 (overvalued). Cautious scenario kr 20.91, optimistic scenario kr 34.85. The calculation is refreshed regularly with new filings.
What is the revenue of Hansa Biopharma AB (HNSA)?
Hansa Biopharma AB reported trailing-twelve-month revenue of about 189M SEK (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Hansa Biopharma AB (HNSA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hansa Biopharma AB it is kr 27.88 per share (as of Nov 10, 2026), against a price of kr 38.94.
Is Hansa Biopharma AB stock overvalued or undervalued in 2026?
As of Nov 10, 2026, HNSA trades above its calculated fair value: price kr 38.94, fair value kr 27.88, a gap of about −28% (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 HNSA?
No. The price is what the market pays today (kr 38.94); the fair value is what the company's own numbers justify (kr 27.88). For Hansa Biopharma AB the two are kr 11.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hansa Biopharma AB worth?
The market values Hansa Biopharma AB at about 4.0B SEK (market capitalisation, as of Nov 10, 2026). Per share that is kr 38.94; our models calculate a fair value of kr 27.88 per share.
What do the bullish and bearish scenarios say about HNSA?
Our models span a range for Hansa Biopharma AB: cautious scenario kr 20.91, base kr 27.88, optimistic kr 34.85 per share (as of Nov 10, 2026, price kr 38.94). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hansa Biopharma AB (HNSA)?
Balance-sheet figures for Hansa Biopharma AB (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is HNSA from its 52-week high?
Hansa Biopharma AB trades at kr 38.94, about 17% below its 52-week high of kr 46.68 and 57% above the low of kr 24.88 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of kr 27.88 is for.
Which stocks are comparable to Hansa Biopharma AB?
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 Hansa Biopharma AB stock attractive at the current price?
The data as of Nov 10, 2026: price kr 38.94, calculated fair value kr 27.88 (−28%), Quality Score 38/100. 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. Hansa Biopharma AB 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 Hansa Biopharma AB (HNSA)?
The closing price on Nov 10, 2026 was kr 38.94. Our estimate is kr 27.88, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hansa Biopharma AB right now?
The price sits above even our optimistic bull case (kr 34.85). The favourable scenario is already priced in. Weak quality (38/100) 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 Hansa Biopharma AB

How large is the market capitalisation of Hansa Biopharma AB (HNSA)?
The market capitalisation of Hansa Biopharma AB is 4.0B SEK (≈ $402M). 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 Hansa Biopharma AB (HNSA)?
The price-to-sales ratio of Hansa Biopharma AB is 19.3 (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 Hansa Biopharma AB (HNSA)?
Earnings per share at Hansa Biopharma AB are kr −7.86. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Hansa Biopharma AB (HNSA)?
The return on equity (ROE) of Hansa Biopharma AB is −4,177% (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 Hansa Biopharma AB (HNSA)?
On an EBIT basis the return on assets of Hansa Biopharma AB is −57.8% (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 Hansa Biopharma AB (HNSA)?
The operating margin of Hansa Biopharma AB is −335% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hansa Biopharma AB (HNSA)?
Revenue at Hansa Biopharma AB is growing −2.1% versus a year earlier (3y avg +12.9%). 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 Hansa Biopharma AB (HNSA) generate?
The free cash flow of Hansa Biopharma AB is −549M 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 debt does Hansa Biopharma AB (HNSA) carry?
The net debt of Hansa Biopharma AB is 233M SEK (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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