Original-Research: Pentixapharm Holding AG (von NuWays AG): BUY

Original-Research: Pentixapharm Holding AG - from NuWays AG



31.07.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Pentixapharm Holding AG



     Company Name:                Pentixapharm Holding AG
     ISIN:                        DE000A40AEG0



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 7.2
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Phase 3 from a position of strength



Pentixapharm sits at the intersection of a high-prevalence indication and
one of the fastest-growing fields of medicine: radiopharma. Following the
recent capital increase, the company is now well positioned to enter Phase 3
with its lead diagnostic agent PentixaFor from a position of financial
strength, with several catalysts ahead.



Financing secured. PTP has placed the full c. 11.0m new shares at EUR 1.85,
raising net proceeds of c. EUR 19.7m. Anchor shareholder Eckert Wagniskapital
(c. 36%) exercised the rights issue in full and the residual tranche was
materially oversubscribed. Pro forma cash of c. EUR 25m (eNuW), vs. c. EUR 5m
previously, extends the runway from Q1 2027 into early 2028 and covers the
initial execution phase of PANDA, the Phase 3 study for PentixaFor (eNuW).



As a result, the company can comfortably enter this next stage, with two key
catalysts ahead:



  1. First patient in, guided for H2 2026. This would provide the first
    verifiable evidence that PTP can activate sites and recruit patients
    despite the study's reliance on an invasive reference standard. It also
    provides the first indication of the enrolment pace towards the c.
    270-patient target and the topline readout in 2028.



  2. Commercial partnering likely in 2027 (eNuW). Management is in active
    discussions with potential strategic partners in imaging and
    cardiovascular therapeutics, and we see the 'first patient in' as a good
    starting point for formal negotiations. As such processes typically take
    c. six months (eNuW), we see a signing window as early as H1 2027. At
    the same time, the strengthened cash position allows PTP to negotiate
    from a position of greater financial flexibility rather than under
    imminent funding pressure. Partnering agreements typically include an
    upfront payment, highlighting the relevance for Pentixapharm beyond the
    evident longer-term commercial opportunity.




PentixaFor targets the bottleneck in the PA pathway. PA is a common curable
cause of high blood pressure, present in c. 10% of hypertensive patients, or
c. 30m people across the US and Europe (eNuW). Treatment depends on which of
two forms a patient has: one is cured by removing the affected adrenal
gland, the other is managed with drugs. Making that call today requires
adrenal vein sampling, a catheter procedure that is difficult to perform and
available at only a small number of specialist centres. PentixaFor replaces
it with a single PET/CT scan, moving the decisive test from a scarce
interventional procedure to one that any PET-capable hospital can run.



That installed base is itself expanding fast, pulled by the prostate
theranostics boom. Novartis reported Pluvicto sales up c. 43% yoy in Q2
2026, driving PSMA PET volumes and the nuclear medicine infrastructure
buildout behind them. PentixaFor would launch into that base while
addressing a patient pool entirely outside oncology. Moreover, it is
agnostic to the Ga-68 source and compatible with both generator- and
cyclotron-produced material, increasing commercialisation flexibility.



BUY, PT EUR 7.20, based on rNPV.




You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b356bcd01256157212ef3002f1457592
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++



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