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

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 € 1.85, raising net proceeds of c. € 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. € 25m (eNuW), vs. c. € 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 € 7.20, based on rNPV.
 

You can download the research here: pentixapharm-holding-ag-2026-07-31-update-en-74e65
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
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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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