Pharmaceuticals

NNVC

NANOVIRICIDES, INC.

Valuation N/A

Healthcare

Price$1.31

Model IV—

P/IV—

Limited data — see page

NRIX

Nurix Therapeutics, Inc.

Valuation N/A

Healthcare

Price$22.21

Model IV—

P/IV—

Market implies +29.2%/yr

NRSN

NeuroSense Therapeutics Ltd.

Valuation N/A

Healthcare

Price$3.58

Model IV—

P/IV—

Limited data — see page

NRSNW

NeuroSense Therapeutics Ltd.

Valuation N/A

Healthcare

Price$0.01

Model IV—

P/IV—

Limited data — see page

NRXP

NRX Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$2.89

Model IV—

P/IV—

Market implies +71.5%/yr vs model +15.0% · above model

NSRX

Nasus Pharma Ltd

Valuation N/A

Healthcare

Price$3.63

Model IV—

P/IV—

Market implies -50.0%/yr

NTHI

NEONC TECHNOLOGIES HOLDINGS, INC.

Valuation N/A

Healthcare

Price$2.53

Model IV—

P/IV—

Market implies +105.9%/yr

NTLA

Intellia Therapeutics, Inc.

Valuation N/A

Healthcare

Price$12.60

Model IV—

P/IV—

Market implies +54.8%/yr vs model +19.6% · above model

NUVB

Nuvation Bio Inc.

Valuation N/A

Healthcare

Price$4.95

Model IV—

P/IV—

Market implies -50.0%/yr vs model +15.0% · below model

NUVL

NUVL

Valuation N/A

Price$123.96

Model IV—

P/IV—

Limited data — see page

NVCT

Nuvectis Pharma, Inc.

Valuation N/A

Healthcare

Price$20.13

Model IV—

P/IV—

Limited data — see page

NVO

NOVO NORDISK A S

Undervalued

Healthcare

Price$38.18

Model IV$54.34

P/IV0.71

Discount 30% Return to IV: +42.3%

Market implies +6.4%/yr vs model +13.1% · below model

NVS

NOVARTIS AG

Deeply undervalued

Healthcare

Price$143.11

Model IV$233.31

P/IV0.62

Discount 39% Return to IV: +63.0%

Market implies +1.1%/yr vs model +8.9% · below model

NXTC

NextCure, Inc.

Valuation N/A

Healthcare

Price$6.78

Model IV—

P/IV—

Limited data — see page

NXTS

Nexentis Technologies Inc.

Valuation N/A

Healthcare

Price$0.88

Model IV—

P/IV—

Market implies +22.9%/yr vs model +15.0% · above model

OCS

Oculis Holding AG

Valuation N/A

Healthcare

Price$8.66

Model IV—

P/IV—

Limited data — see page

OCSAW

Oculis Holding AG

Valuation N/A

Healthcare

Price$2.40

Model IV—

P/IV—

Limited data — see page

OCUL

OCULAR THERAPEUTIX, INC

Valuation N/A

Healthcare

Price$7.51

Model IV—

P/IV—

Market implies +50.2%/yr vs model +4.5% · above model

OGEN

ORAGENICS INC

Valuation N/A

Healthcare

Price$0.46

Model IV—

P/IV—

Market implies +38.9%/yr

OGI

ORGANIGRAM GLOBAL INC.

Deeply undervalued

Healthcare

Price$0.95

Model IV$2.01

P/IV0.54

Discount 53% Return to IV: +111.8%

Market implies -14.5%/yr vs model +16.1% · below model

OGN

Organon & Co.

Deeply undervalued

Healthcare

Price$13.75

Model IV$25.33

P/IV0.53

Discount 46% Return to IV: +84.2%

Market implies -5.9%/yr vs model +3.0% · below model

OKUR

OnKure Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.30

Model IV—

P/IV—

Limited data — see page

OLMA

Olema Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$7.82

Model IV—

P/IV—

Limited data — see page

OMER

OMEROS CORP

Valuation N/A

Healthcare

Price$19.12

Model IV—

P/IV—

Limited data — see page

ONC

BeOne Medicines Ltd.

Valuation N/A

Healthcare

Price$350.13

Model IV—

P/IV—

Market implies +27.2%/yr

ONCO

Onconetix, Inc.

Fairly valued

Healthcare

Price$0.65

Model IV$0.65

P/IV1.84

Premium +0% Return to IV: -0.3%

Market implies -3.5%/yr vs model +15.0% · below model

ONCY

ONCOLYTICS BIOTECH INC

Valuation N/A

Healthcare

Price$0.54

Model IV—

P/IV—

Limited data — see page

OPK

OPKO HEALTH, INC.

Deeply overvalued

Healthcare

Price$1.37

Model IV$0.43

P/IV3.41

Premium +220% Return to IV: -68.8%

Market implies +14.1%/yr vs model +2.0% · above model

OPTH

Optimi Health Corp.

Valuation N/A

Healthcare

Price$4.09

Model IV—

P/IV—

Limited data — see page

ORGO

Organogenesis Holdings Inc.

Deeply undervalued

Healthcare

Price$1.28

Model IV$3.46

P/IV0.74

Discount 63% Return to IV: +170.3%

Market implies -15.2%/yr vs model +4.8% · below model

ORIC

Oric Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$12.03

Model IV—

P/IV—

Limited data — see page

ORKA

Oruka Therapeutics, Inc.

Valuation N/A

Healthcare

Price$77.28

Model IV—

P/IV—

Limited data — see page

ORMP

ORAMED PHARMACEUTICALS INC.

Valuation N/A

Healthcare

Price$4.20

Model IV—

P/IV—

Market implies +83.6%/yr vs model +2.0% · above model

OSTX

OS Therapies Inc

Valuation N/A

Healthcare

Price$1.62

Model IV—

P/IV—

Limited data — see page

OVID

Ovid Therapeutics Inc.

Valuation N/A

Healthcare

Price$2.34

Model IV—

P/IV—

Market implies +73.2%/yr vs model +2.0% · above model

PAHC

PHIBRO ANIMAL HEALTH CORP

Deeply overvalued

Healthcare

Price$37.40

Model IV$20.32

P/IV1.52

Premium +84% Return to IV: -45.7%

Market implies +16.2%/yr vs model +11.2% · above model

PBH

Prestige Consumer Healthcare Inc.

Deeply undervalued

Healthcare

Price$47.87

Model IV$126.70

P/IV0.38

Discount 62% Return to IV: +164.7%

Market implies -8.3%/yr vs model +4.1% · below model

PBM

PSYENCE BIOMEDICAL LTD.

Valuation N/A

Healthcare

Price$5.12

Model IV—

P/IV—

Limited data — see page

PBMWW

PSYENCE BIOMEDICAL LTD.

Valuation N/A

Healthcare

Price$0.02

Model IV—

P/IV—

Limited data — see page

PBYI

PUMA BIOTECHNOLOGY, INC.

Fairly valued

Healthcare

Price$9.97

Model IV$9.98

P/IV0.72

Discount 0% Return to IV: +0.1%

Market implies +1.7%/yr vs model +3.0% · in line

PCRX

Pacira BioSciences, Inc.

Undervalued

Healthcare

Price$36.39

Model IV$45.52

P/IV0.54

Discount 20% Return to IV: +25.1%

Market implies +3.5%/yr vs model +9.3% · below model

PCSA

Processa Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$1.35

Model IV—

P/IV—

Limited data — see page

PDSB

PDS Biotechnology Corp

Valuation N/A

Healthcare

Price$1.02

Model IV—

P/IV—

Limited data — see page

PEPG

PepGen Inc.

Valuation N/A

Healthcare

Price$2.38

Model IV—

P/IV—

Limited data — see page

PFE

PFIZER INC

Fairly valued

Healthcare

Price$27.82

Model IV$27.57

P/IV1.04

Premium +1% Return to IV: -0.9%

Market implies +4.5%/yr vs model +5.1% · in line

PGEN

PRECIGEN, INC.

Valuation N/A

Healthcare

Price$7.60

Model IV—

P/IV—

Market implies +111.2%/yr vs model +2.0% · above model

PHAR

Pharming Group N.V.

Undervalued

Healthcare

Price$9.53

Model IV$11.23

P/IV0.86

Discount 15% Return to IV: +17.9%

Market implies +6.4%/yr vs model +12.2% · below model

PHAT

Phathom Pharmaceuticals, Inc.

Deeply overvalued

Healthcare

Price$7.13

Model IV$2.09

P/IV4.58

Premium +241% Return to IV: -70.7%

Market implies +18.0%/yr vs model +15.0% · in line

PHIO

Phio Pharmaceuticals Corp.

Valuation N/A

Healthcare

Price$0.97

Model IV—

P/IV—

Limited data — see page

PHVS

Pharvaris N.V.

Valuation N/A

Healthcare

Price$31.12

Model IV—

P/IV—

Limited data — see page

PLRX

PLIANT THERAPEUTICS, INC.

Valuation N/A

Healthcare

Price$1.00

Model IV—

P/IV—

Market implies +45.9%/yr vs model +15.0% · above model

PLYX

Polaryx Therapeutics, Inc.

Valuation N/A

Healthcare

Price$2.00

Model IV—

P/IV—

Limited data — see page

PMN

ProMIS Neurosciences Inc.

Valuation N/A

Healthcare

Price$9.15

Model IV—

P/IV—

Limited data — see page

PMVP

PMV Pharmaceuticals, Inc.

Valuation N/A

Healthcare

Price$1.49

Model IV—

P/IV—

Limited data — see page

PPBT

PURPLE BIOTECH LTD.

Valuation N/A

Healthcare

Price$1.44

Model IV—

P/IV—

Limited data — see page

PPCB

Propanc Biopharma, Inc.

Valuation N/A

Healthcare

Price$0.47

Model IV—

P/IV—

Limited data — see page

PRAX

Praxis Precision Medicines, Inc.

Valuation N/A

Healthcare

Price$263.55

Model IV—

P/IV—

Market implies +82.8%/yr vs model +15.0% · above model

PRFX

PRF Technologies Ltd.

Valuation N/A

Healthcare

Price$0.86

Model IV—

P/IV—

Market implies +63.3%/yr

PRGO

PERRIGO Co plc

Deeply overvalued

Healthcare

Price$14.50

Model IV$8.04

P/IV1.37

Premium +80% Return to IV: -44.5%

Market implies +10.3%/yr vs model +3.5% · above model

PRLD

Prelude Therapeutics Inc

Valuation N/A

Healthcare

Price$3.88

Model IV—

P/IV—

Market implies +61.0%/yr vs model +15.0% · above model