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:	Initiation
Recommendation:	BUY
Target price:	EUR 7.2
Target price on sight of:	12 months
Last rating change:
Analyst:	Simon Keller

A major diagnostic market opening. Pentixapharm is the way to play it.

In July 2025, Endocrine Society delivered the most consequential catalyst for Pentixapharm's late-stage diagnostic asset PentixaFor. Recognising the structural under-diagnosis of primary aldosteronism (PA), updated guidelines now recommend universal screening of all patients with hypertension, rather than restricting testing to traditionally defined high-risk groups. PA is dangerous if missed, but very treatable when detected early. Following detection, patients are subtyped as curable by a single surgery or as victims of lifelong medication. This important subtyping “tool” exists; it’s called adrenal vein sampling (AVS).

But here’s the catch: this solution is also part of the problem. AVS is invasive, technically challenging and can yield variable results depending on operator skill. Neither physicians, nor patients find it appealing. Together with historically sparce screening under the old guidelines is exactly why it is rarely used. The result: millions of eligible patients never get to the cure and spend a fortune on lifelong medications. However, the two major adoption bottlenecks – low screening rates and the limited appeal of subtyping – are on the verge of breaking.

Enter PentixaFor: a simple, non-invasive and easy to scale PET scan. Unsurprisingly, 96% of Phase 2 patients preferred this method over AVS. Now, it is Phase 3-ready, backed by substantial prior clinical evidence and strong regulatory support, including FDA Fast Track and EMA PRIME status. To comfortably proceed with the trial, the company just announced a rights issuance targeting c. € 20m in proceeds at € 1.85/share.

The recommended blanket screening approach under the new guidelines and the emergence of a scalable subtyping alternative are set to open the floodgates for broader patient screening. In fact, the annual pool of patients eligible for subtyping is seen to expand by more than 8x to c. 561,000 patients in the US and EU, driven by a much wider eligibility and high screening frequency (eNuW).

The combination of a large addressable market and favorable economics of a first-in-class diagnostic in an unmet need creates a highly compelling commercial opportunity. We estimate peak sales at € >1bn by 2039.

Our risk-adjusted NPV-based valuation yields a PT of € 7.20, implying c. 270% upside. BUY.

You can download the research here: pentixapharm-holding-ag-2026-07-15-fullnoteinitiation-en-84524
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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