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Nykode Therapeutics ASA (NYKD) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Nykode Therapeutics ASA NOK 9.78, price NOK 3.48, upside +181.4%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Healthcare · NO · ISIN NO0010714785

NT Nykode Therapeutics ASA logo Thin data Oct 4, 2026

Nykode Therapeutics ASA

NYKD · OL

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

Fair value kr 9.78 · Strongly undervalued (+181.4%)
Quality 63/100
Mixed vs. peers (4/7)
Weak Growth (revenue 5y −6.9 %/yr in USD)
Negative free cash flow
Narrow moat 10/100
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 54.35 kr 1.27 Fair Value kr 9.78 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 4, 2026.

How to read this chart

60‑month range kr 1.27 – kr 54.35 · fair‑value band kr 5.72 – kr 12.91 · the kr 3.48 price screens below the kr 9.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 4, 2026.

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Company profile

Nykode Therapeutics AS, a clinical-stage biopharmaceutical company, discovers and develops novel immunotherapies for the treatment of cancer and autoimmune diseases. The company develops vaccines for the treatment cancer, autoimmune, and infectious diseases.

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Nykode Therapeutics AS, a clinical-stage biopharmaceutical company, discovers and develops novel immunotherapies for the treatment of cancer and autoimmune diseases. The company develops vaccines for the treatment cancer, autoimmune, and infectious diseases. Its lead product candidates include ABI-SUVA for targeting HPV16+ induced malignancies, with head, and neck cancer as the primary indication is in Phase 2 randomized controlled trial. It also offers VB10.NEO, which is in Phase1b VB-N-02 trial; technology platform, which combines genes with desired properties to make novel compounds by creating a new code. Nykode Therapeutics AS was founded in 2006 and is headquartered in Oslo, Norway.

Stock analysis

Nykode Therapeutics ASA (NYKD) currently trades at kr 3.48, while our model-based Fair Value estimate is kr 9.78, implying the stock looks roughly 64.5% undervalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of kr 8.77 per share, and 2 of the 3 models we run sit above the kr 3.48 price.

Bear case: the Asset-Based group reads lowest at kr 1.51, and 1 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 5.72 (bear) to kr 12.91 (bull), the price of kr 3.48 sits below 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 63/100 (solid quality), in the Healthcare sector.

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

Nykode Therapeutics ASA reported revenue of $0 in FY2025 versus $34.0M in FY2021. Reported net income was −$12.2M in FY2025.

Key figures

Market cap 1.4B NOK (≈ $141M) · EPS (TTM) kr −0.6700 · Dividend yield 2.4% · Return on equity −25.1% · Return on assets (EBIT) −23.2% · Operating margin −6,363% · Revenue (TTM) 464K NOK · Revenue growth (YoY) −46.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 30% below its 52-week high and 113% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 181%, NYKD screens cheaper than that median.

Fair Value models

Bear kr 5.72 Fair Value kr 9.78 Bull kr 12.91
Price kr 3.48 · Upside +181.4%
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
Gordon GGM kr 5.52 kr 9.25 kr 12.00 66
DDM Multi-Stage kr 5.52 kr 8.77 kr 9.95 65
NCAV (Graham) kr 1.12 kr 1.51 kr 2.25 51
All 3 models by family
Dividend Discount
Gordon GGM kr 5.52 kr 9.25 kr 12.00 66
DDM Multi-Stage kr 5.52 kr 8.77 kr 9.95 65
Asset-Based
NCAV (Graham) kr 1.12 kr 1.51 kr 2.25 51

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Quality Score breakdown

Overall quality 63/100

Of which business quality 67 · Market factors (momentum, volatility) 62

Profitability 4
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 37
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 63
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
−32.7%
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.
−36.5%
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.
−6.9%
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.
+108.8%
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.
−987.5% (2019) → −556.9% (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

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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 · 607 stocks

Beats the industry median on 4/6 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 63 · Top 25%
Fair Value upside +181.4% · Top 25%
Profitability
Return on assets −17.5% · Below median
Growth and dividend
Revenue growth −46.5% · Bottom 25%
Dividend yield (TTM) 2.4% · Above median

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 1.54× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 0
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)0 · sector 97
DIVIDEND (yield)47 · sector 22

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 $504.73 $555.20 +10%
Regeneron Pharmaceuticals, Inc REGN $735.20 $1,275 +73%
argenx SE ARGX $959.49 $918.60 −4%
CSL Limited CSL A$175.35 A$192.89 +10%
Samsung Biologics Co 207940 1,354,000 KRW 1,489,400 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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Nykode Therapeutics ASA · Fair Value
kr 9.78 +64%Fair Value
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Cite: Fair Value Calculator (2026). "Nykode Therapeutics ASA Fair Value". https://www.fairvalue-calculator.com/stock/NYKD

Frequently asked questions

Is Nykode Therapeutics ASA (NYKD) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of kr 9.78 versus a price of kr 3.48, about +181% upside (undervalued).
What is the fair value of NYKD?
Our model-based fair value for Nykode Therapeutics ASA is kr 9.78 (as of Oct 4, 2026), built from audited fundamentals. The current price: kr 3.48.
What is the quality score of NYKD?
Nykode Therapeutics ASA has a Quality Score of 63/100. 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 Nykode Therapeutics ASA (NYKD)?
Our model-based price target is the fair value of kr 9.78 (as of Oct 4, 2026) from 3 valuation models. Cautious scenario kr 5.72, optimistic scenario kr 12.91. It is a calculation from audited fundamentals, not an analyst target.
What is the Nykode Therapeutics ASA stock forecast for 2026?
Our models put fair value at kr 9.78, about +181% upside versus a price of kr 3.48 (undervalued). Cautious scenario kr 5.72, optimistic scenario kr 12.91. The calculation is refreshed regularly with new filings.
What is the revenue of Nykode Therapeutics ASA (NYKD)?
Nykode Therapeutics ASA reported trailing-twelve-month revenue of about 464K NOK (latest available figure, as of Oct 4, 2026).
Does Nykode Therapeutics ASA pay a dividend?
Nykode Therapeutics ASA currently shows a dividend yield of about 2.37% relative to its recent price (as of Oct 4, 2026).
What is the intrinsic value of Nykode Therapeutics ASA (NYKD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nykode Therapeutics ASA it is kr 9.78 per share (as of Oct 4, 2026), against a price of kr 3.48. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Nykode Therapeutics ASA stock overvalued or undervalued in 2026?
As of Oct 4, 2026, NYKD trades below its calculated fair value: price kr 3.48, fair value kr 9.78, a gap of about +181% (undervalued). 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 NYKD?
No. The price is what the market pays today (kr 3.48); the fair value is what the company's own numbers justify (kr 9.78). For Nykode Therapeutics ASA the two are kr 6.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nykode Therapeutics ASA worth?
The market values Nykode Therapeutics ASA at about 1.4B NOK (market capitalisation, as of Oct 4, 2026). Per share that is kr 3.48; our models calculate a fair value of kr 9.78 per share.
What do the bullish and bearish scenarios say about NYKD?
Our models span a range for Nykode Therapeutics ASA: cautious scenario kr 5.72, base kr 9.78, optimistic kr 12.91 per share (as of Oct 4, 2026, price kr 3.48). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nykode Therapeutics ASA (NYKD)?
Balance-sheet figures for Nykode Therapeutics ASA (as of Oct 4, 2026): return on equity −25.1%. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is NYKD from its 52-week high?
Nykode Therapeutics ASA trades at kr 3.48, about 30% below its 52-week high of kr 4.99 and 113% above the low of kr 1.64 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 9.78 is for.
Which stocks are comparable to Nykode Therapeutics ASA?
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 Nykode Therapeutics ASA stock attractive at the current price?
The data as of Oct 4, 2026: price kr 3.48, calculated fair value kr 9.78 (+181%), Quality Score 63/100, from 3 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 NYKD calculated?
We run Nykode Therapeutics ASA through 3 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 kr 9.78, 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 15.0 % above its aggregate fair value. Nykode Therapeutics ASA currently trades 64 % below its own fair value, and the market average says nothing about that. 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 Nykode Therapeutics ASA (NYKD)?
The closing price on Oct 2, 2026 was kr 3.48. Our model-based fair value is kr 9.78, about +181% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nykode Therapeutics ASA right now?
The price is below even our cautious bear case (kr 5.72). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 5.72 to kr 12.91) leaves room in how you read the outcome.

Key figures of Nykode Therapeutics ASA

How large is the market capitalisation of Nykode Therapeutics ASA (NYKD)?
The market capitalisation of Nykode Therapeutics ASA is 1.4B NOK (≈ $141M). 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 Nykode Therapeutics ASA (NYKD)?
Earnings per share at Nykode Therapeutics ASA are kr −0.6700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nykode Therapeutics ASA (NYKD)?
The dividend yield of Nykode Therapeutics ASA is 2.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the return on equity of Nykode Therapeutics ASA (NYKD)?
The return on equity (ROE) of Nykode Therapeutics ASA is −25.1% (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 Nykode Therapeutics ASA (NYKD)?
On an EBIT basis the return on assets of Nykode Therapeutics ASA 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.
What is the operating margin of Nykode Therapeutics ASA (NYKD)?
The operating margin of Nykode Therapeutics ASA is −6,363% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nykode Therapeutics ASA (NYKD)?
Revenue at Nykode Therapeutics ASA is growing −46.5% versus a year earlier. 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 Nykode Therapeutics ASA (NYKD)?
Earnings per share at Nykode Therapeutics ASA are growing −93.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nykode Therapeutics ASA (NYKD) generate?
The free cash flow of Nykode Therapeutics ASA is −$29.5M (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 Nykode Therapeutics ASA (NYKD) hold?
Nykode Therapeutics ASA holds more cash than debt, $111M net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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