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Molecular Partners AG (MOLN) fair value: what the stock is really worth

As of Sep 28, 2026: fair value of Molecular Partners AG CHF 2.00, price CHF 3.30, upside -39.4%, quality 34 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Healthcare · CH · ISIN CH0256379097

MP Molecular Partners AG logo Thin data Sep 27, 2026

Molecular Partners AG

MOLN · SW

Weakest SetupStrongly overvalued and low quality.

!Fair value CHF 2.00 · Strongly overvalued (−39.4%)
!Quality 34/100
!Weak Growth (revenue 5y −24.6 %/yr)
!negative free cash flow
!Trails peers (2/6)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
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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

CHF 28.00 CHF 2.75 Fair Value CHF 2.00 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range CHF 2.75 – CHF 28.00 · fair‑value band CHF 1.32 – CHF 2.50 · the CHF 3.30 price screens above the CHF 2.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Molecular Partners AG, a clinical-stage biotechnology company, designs and develops designed ankyrin repeat proteins therapeutics for the treatment of oncology diseases in Switzerland.

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Molecular Partners AG, a clinical-stage biotechnology company, designs and develops designed ankyrin repeat proteins therapeutics for the treatment of oncology diseases in Switzerland. Its product pipeline comprises MP0317, which is in Phase 2 clinical trial for the treatment of advanced solid tumors; MP053, novel tetra-specific T cell-engaging DARPin, which is phase 1 clinical trial for the treatment of acute myeloid leukemia; and MP0712, a 212Pb Radio-DARPin therapy (RDT) candidate targeting the tumor-associated protein delta-like ligand 3 (DLL3) which is in Phase 1 clinical trial to treat SCLC and neuroendocrine tumors. It also researches for Switch-DARPin T cell engager to treat CD3 x costim x; and MP0726, a Radio-DARPin Therapy to treat ovarian cancer and other MSLNexpressing cancers. In addition, the company develops MP0621, a Switch-DARPin candidate targeting CD16a, c-KIT, and CD47 as conditioning for hematopoietic stem cell transplantation; and Radio-DARPin Therapy (RDT) platform, a delivery system for effective and selective delivery of radioactive payloads to solid tumors. It has collaboration agreement with Orano Med SAS to develop novel Radio-DARPin therapeutics and an additional six targeted alpha therapeutics candidates and Eckert & Ziegler SE to develop Radio-DARPin therapeutics. Molecular Partners AG was incorporated in 2004 and is headquartered in Schlieren, Switzerland.

Stock analysis

Molecular Partners AG (MOLN) currently trades at CHF 3.30, while our model-based Fair Value estimate is CHF 2.00, implying the stock looks roughly 65.0% overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: CHF 1.32 (bear) to CHF 2.50 (bull), the price of CHF 3.30 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 34/100 (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.

Molecular Partners AG reported revenue of CHF 0 in FY2025 versus CHF 9.3M in FY2021. Reported net income was −CHF 61.7M in FY2025.

Key figures

Market cap CHF 123M · EPS (TTM) CHF −1.55 · Return on equity −59.0% · Return on assets (EBIT) −23.2% · Free cash flow −CHF 50.2M · Net cash CHF 79.0M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 16% below its 52-week high and 20% 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 −39%, MOLN screens richer than that median.

Fair Value models

Bear CHF 1.32 Fair Value CHF 2.00 Bull CHF 2.50
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
NCAV (Graham) CHF 1.07 CHF 1.43 CHF 2.14 51
All 1 models by family
Asset-Based
NCAV (Graham) CHF 1.07 CHF 1.43 CHF 2.14 51

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Quality Score breakdown

Overall quality 34/100

Of which business quality 35 · Market factors (momentum, volatility) 51

Profitability 0
Margins and returns on capital today
Quality Growth 11
Are margins and returns improving?
Cashflow 20
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 22
Share count: buybacks or dilution?

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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
−29.4%
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.
−18.9%
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.
−24.6%
Revenue growth 11 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.
−15.7%
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.
−179.9% (2019) → −1,231.7% (2024)
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

MOLN screens 65% overvalued. 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 · 645 stocks

Beats the industry median on 2/5 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 35 · Below median
Fair Value upside −39.4% · Above median
Profitability
Return on assets −28.8% · Below median
Operating margin (TTM) 0.0% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 1.84× · Pricier than median

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
Vertex Pharmaceuticals Incorporated VRTX $526.19 $578.81 +10%
Regeneron Pharmaceuticals, Inc REGN $788.04 $1,275 +62%
argenx SE ARGX $959.49 $918.60 −4%
CSL Limited CSL A$176.95 A$194.65 +10%
Samsung Biologics Co 207940 1,366,000 KRW 1,502,600 KRW +10%
BeOne Medicines AG ONC $360.85 $280.94 −22%
Alnylam Pharmaceuticals, Inc ALNY $255.96 $217.88 −15%
Royalty Pharma plc RPRX $58.21 $19.01 −67%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
WuXi Biologics (Cayman) Inc 2269 HK$53.00 HK$58.30 +10%

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CHF 2.00 −65%Fair Value
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Cite: Fair Value Calculator (2026). "Molecular Partners AG Fair Value". https://www.fairvalue-calculator.com/stock/MOLN

Frequently asked questions

Is Molecular Partners AG (MOLN) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of CHF 2.00 versus a price of CHF 3.30, about −39% upside (overvalued).
What is the fair value of MOLN?
Our model-based fair value for Molecular Partners AG is CHF 2.00 (as of Sep 27, 2026), built from audited fundamentals. The current price: CHF 3.30.
What is the quality score of MOLN?
Molecular Partners AG has a Quality Score of 34/100. 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 Molecular Partners AG (MOLN)?
Our model-based price target is the fair value of CHF 2.00 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario CHF 1.32, optimistic scenario CHF 2.50. It is a calculation from audited fundamentals, not an analyst target.
What is the Molecular Partners AG stock forecast for 2026?
Our models put fair value at CHF 2.00, about −39% upside versus a price of CHF 3.30 (overvalued). Cautious scenario CHF 1.32, optimistic scenario CHF 2.50. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Molecular Partners AG (MOLN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Molecular Partners AG it is CHF 2.00 per share (as of Sep 27, 2026), against a price of CHF 3.30. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Molecular Partners AG stock overvalued or undervalued in 2026?
As of Sep 27, 2026, MOLN trades above its calculated fair value: price CHF 3.30, fair value CHF 2.00, a gap of about −39% (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 MOLN?
No. The price is what the market pays today (CHF 3.30); the fair value is what the company's own numbers justify (CHF 2.00). For Molecular Partners AG the two are CHF 1.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Molecular Partners AG worth?
The market values Molecular Partners AG at about CHF 123M (market capitalisation, as of Sep 27, 2026). Per share that is CHF 3.30; our models calculate a fair value of CHF 2.00 per share.
What do the bullish and bearish scenarios say about MOLN?
Our models span a range for Molecular Partners AG: cautious scenario CHF 1.32, base CHF 2.00, optimistic CHF 2.50 per share (as of Sep 27, 2026, price CHF 3.30). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Molecular Partners AG (MOLN)?
Balance-sheet figures for Molecular Partners AG (as of Sep 27, 2026): return on equity −59.0%. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is MOLN from its 52-week high?
Molecular Partners AG trades at CHF 3.30, about 16% below its 52-week high of CHF 3.95 and 20% above the low of CHF 2.75 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 2.00 is for.
Which stocks are comparable to Molecular Partners AG?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, 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 Molecular Partners AG stock attractive at the current price?
The data as of Sep 27, 2026: price CHF 3.30, calculated fair value CHF 2.00 (−39%), Quality Score 34/100, 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 MOLN calculated?
We run Molecular Partners AG through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 2.00, 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 15.9 % above its aggregate fair value. Molecular Partners AG 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 Molecular Partners AG (MOLN)?
The closing price on Sep 28, 2026 was CHF 3.30. Our model-based fair value is CHF 2.00, about −39% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Molecular Partners AG right now?
The price sits above even our optimistic bull case (CHF 2.50). The favourable scenario is already priced in. Weak quality (34/100) 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 (CHF 1.32 to CHF 2.50) leaves room in how you read the outcome.

Key figures of Molecular Partners AG

How large is the market capitalisation of Molecular Partners AG (MOLN)?
The market capitalisation of Molecular Partners AG is CHF 123M. 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 Molecular Partners AG (MOLN)?
Earnings per share at Molecular Partners AG are CHF −1.55. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Molecular Partners AG (MOLN)?
The return on equity (ROE) of Molecular Partners AG is −59.0% (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 Molecular Partners AG (MOLN)?
On an EBIT basis the return on assets of Molecular Partners AG is −23.2% (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 Molecular Partners AG (MOLN) generate?
The free cash flow of Molecular Partners AG is −CHF 50.2M (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 Molecular Partners AG (MOLN) hold?
Molecular Partners AG holds more cash than debt, CHF 79.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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