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Nykode Therapeutics AS (VACBF) fair value: what the stock is really worth

As of Oct 9, 2026: fair value of Nykode Therapeutics AS $0.14, price $0.45, upside -69.2%, quality 69 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? Yes
  3. Add to watchlist

Healthcare · US · Home Norway

NT Nykode Therapeutics AS logo Thin data Oct 2, 2026

Nykode Therapeutics AS

VACBF · US

Stretched ValuationStrong overvaluation with only moderate quality.

Our calculation puts a fair price 69% below what the stock costs today.

Quality 69/100
Fair value $0.1400 · Strongly overvalued (−69.2%)
Weak Growth (revenue 5y +174.7 %/yr in USD)
Negative free cash flow
Trails peers (1/6)
Narrow moat 4/100 · 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

$0.8844 $0.0813 Fair Value $0.1400 Mar 2023 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.

How to read this chart

43‑month range $0.0813 – $0.8844 · fair‑value band $0.0900 – $0.1700 · the $0.4542 price screens above the $0.1400 fair value. Dashed = 300-day average. As of Oct 2, 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 AS (VACBF) currently trades at $0.4542, while our model-based Fair Value estimate is $0.1400, 69.2% 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 evidence level at low.

Scenario range: $0.0900 (bear) to $0.1700 (bull), the price of $0.4542 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 69/100 (solid quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

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

Key figures

Market cap $178M · EPS (TTM) $−0.0700 · Return on equity −25.1% · Return on assets (EBIT) −23.2% · Operating margin −6,363% · Revenue (TTM) $464K · Revenue growth (YoY) −46.5% · Free cash flow −$29.5M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 24 out of 100 (low confidence).

What moves the price

The share trades at its 52-week high and 192% 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 −69%, VACBF screens richer than that median.

Fair Value models

Bear $0.0900 Fair Value $0.1400 Bull $0.1700
Price $0.4542 · Upside -69.2%
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) $0.1200 $0.1600 $0.2300 52
All 1 models by family
Asset-Based
NCAV (Graham) $0.1200 $0.1600 $0.2300 52

Open the full fair value analysis →

Quality Score breakdown

Overall quality 69/100

Of which business quality 69 · Market factors (momentum, volatility) 76

Profitability 0
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 87
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 82
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. 28/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
+174.7%
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.
−20,223.3% (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

VACBF screens overvalued: fair value 69% 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 · 604 stocks

Beats the industry median on 1/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 69 · Top 25%
Fair Value upside −69.2% · Below median
Profitability
Return on assets −17.5% · Below median
Growth and dividend
Revenue growth −46.5% · Bottom 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 1.94× · 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 Compare
Regeneron Pharmaceuticals, Inc REGN $746.54 $1,275 +71% vs VACBF
Vertex Pharmaceuticals Incorporated VRTX $510.08 $561.09 +10% vs VACBF
argenx SE ARGX $825.03 $907.53 +10% vs VACBF
Samsung Biologics Co 207940 1,219,000 KRW 1,340,900 KRW +10% vs VACBF
WuXi Biologics (Cayman) Inc 2269 HK$52.65 HK$57.92 +10% vs VACBF
CSL Limited CSL A$181.46 A$179.90 −1% vs VACBF
Alnylam Pharmaceuticals, Inc ALNY $232.68 $217.88 −6% vs VACBF
BeOne Medicines AG ONC $354.47 $280.94 −21% vs VACBF
Celltrion, Inc 068270 180,400 KRW 74,519 KRW −59% vs VACBF
Royalty Pharma plc RPRX $56.93 $19.01 −67% vs VACBF

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Nykode Therapeutics AS · Fair Value
$0.1400 −69%Fair Value
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Cite: Fair Value Calculator (2026). "Nykode Therapeutics AS Fair Value". https://www.fairvalue-calculator.com/stock/VACBF

Frequently asked questions

Is Nykode Therapeutics AS (VACBF) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of $0.1400 versus a price of $0.4542, about −69% upside (overvalued).
What is the fair value of VACBF?
Our model-based fair value for Nykode Therapeutics AS is $0.1400 (as of Oct 2, 2026), built from audited fundamentals. The current price: $0.4542.
What is the quality score of VACBF?
Nykode Therapeutics AS has a Quality Score of 69/100. 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 AS (VACBF)?
Our model-based price target is the fair value of $0.1400 (as of Oct 2, 2026) from 1 valuation models. Cautious scenario $0.0900, optimistic scenario $0.1700. It is a calculation from audited fundamentals, not an analyst target.
What is the Nykode Therapeutics AS stock forecast for 2026?
Our models put fair value at $0.1400, about −69% upside versus a price of $0.4542 (overvalued). Cautious scenario $0.0900, optimistic scenario $0.1700. The calculation is refreshed regularly with new filings.
What is the revenue of Nykode Therapeutics AS (VACBF)?
Nykode Therapeutics AS reported trailing-twelve-month revenue of about $464K (latest available figure, as of Oct 2, 2026).
What is the intrinsic value of Nykode Therapeutics AS (VACBF)?
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 AS it is $0.1400 per share (as of Oct 2, 2026), against a price of $0.4542. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Nykode Therapeutics AS stock overvalued or undervalued in 2026?
As of Oct 2, 2026, VACBF trades above its calculated fair value: price $0.4542, fair value $0.1400, a gap of about −69% (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 VACBF?
No. The price is what the market pays today ($0.4542); the fair value is what the company's own numbers justify ($0.1400). For Nykode Therapeutics AS the two are $0.3142 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nykode Therapeutics AS worth?
The market values Nykode Therapeutics AS at about $178M (market capitalisation, as of Oct 2, 2026). Per share that is $0.4542; our models calculate a fair value of $0.1400 per share.
What do the bullish and bearish scenarios say about VACBF?
Our models span a range for Nykode Therapeutics AS: cautious scenario $0.0900, base $0.1400, optimistic $0.1700 per share (as of Oct 2, 2026, price $0.4542). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Nykode Therapeutics AS (VACBF)?
Balance-sheet figures for Nykode Therapeutics AS (as of Oct 2, 2026): return on equity −25.1%. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is VACBF from its 52-week high?
Nykode Therapeutics AS trades at $0.4542, at its 52-week high of $0.4542 and 192% above the low of $0.1558 (as of Oct 9, 2026). Distance from the high says nothing about value: that is what the fair value of $0.1400 is for.
Which stocks are comparable to Nykode Therapeutics AS?
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 AS stock attractive at the current price?
The data as of Oct 2, 2026: price $0.4542, calculated fair value $0.1400 (−69%), Quality Score 69/100, 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 VACBF calculated?
We run Nykode Therapeutics AS 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 $0.1400, 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 14.5 % above its aggregate fair value. Nykode Therapeutics AS 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 Nykode Therapeutics AS (VACBF)?
The closing price on Oct 9, 2026 was $0.4542. Our model-based fair value is $0.1400, about −69% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nykode Therapeutics AS right now?
The price sits above even our optimistic bull case ($0.1700). The favourable scenario is already priced in. 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 but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.0900 to $0.1700) leaves room in how you read the outcome.

Key figures of Nykode Therapeutics AS

How large is the market capitalisation of Nykode Therapeutics AS (VACBF)?
The market capitalisation of Nykode Therapeutics AS is $178M. 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 AS (VACBF)?
Earnings per share at Nykode Therapeutics AS are $−0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Nykode Therapeutics AS (VACBF)?
The return on equity (ROE) of Nykode Therapeutics AS 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 AS (VACBF)?
On an EBIT basis the return on assets of Nykode Therapeutics AS 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 AS (VACBF)?
The operating margin of Nykode Therapeutics AS 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 AS (VACBF)?
Revenue at Nykode Therapeutics AS 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 much free cash flow does Nykode Therapeutics AS (VACBF) generate?
The free cash flow of Nykode Therapeutics AS is −$29.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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