Norwegian (OSEAX) Biotech Industry Analysis

Industry Valuation and Performance

Has the Norwegian Biotech Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 20 Aug 2026	NOK 6.1b	NOK 182.1m	-NOK 515,381,082.00	70x	-11.9x	33.7x
Sat, 18 Jul 2026	NOK 5.3b	NOK 177.3m	-NOK 522,097,002.14	71.7x	-10.2x	30x
Mon, 15 Jun 2026	NOK 5.4b	NOK 549.0m	-NOK 381,041,467.31	41.5x	-14.2x	9.9x
Wed, 13 May 2026	NOK 5.7b	NOK 547.9m	-NOK 351,567,771.80	40.7x	-16.1x	10.4x
Fri, 10 Apr 2026	NOK 6.0b	NOK 545.8m	-NOK 389,906,507.60	52.4x	-15.4x	11x
Sun, 08 Mar 2026	NOK 5.5b	NOK 545.1m	-NOK 377,409,898.60	60.7x	-14.6x	10.1x
Tue, 03 Feb 2026	NOK 5.5b	NOK 604.2m	-NOK 363,967,999.56	79.7x	-15.2x	9.2x
Thu, 01 Jan 2026	NOK 5.4b	NOK 607.0m	-NOK 368,174,614.26	76.1x	-14.8x	9x
Sat, 29 Nov 2025	NOK 4.9b	NOK 607.3m	-NOK 368,594,120.52	81.8x	-13.4x	8.1x
Mon, 27 Oct 2025	NOK 5.0b	NOK 612.0m	-NOK 518,166,547.07	275x	-9.6x	8.2x
Wed, 24 Sep 2025	NOK 4.6b	NOK 611.0m	-NOK 496,110,565.12	235.8x	-9.2x	7.5x
Fri, 22 Aug 2025	NOK 5.4b	NOK 891.7m	-NOK 714,624,218.44	264x	-7.6x	6.1x
Sun, 20 Jul 2025	NOK 4.8b	NOK 885.8m	-NOK 746,954,488.08	199.1x	-6.5x	5.5x
Tue, 17 Jun 2025	NOK 4.9b	NOK 883.6m	-NOK 740,248,474.44	198.5x	-6.7x	5.6x
Thu, 15 May 2025	NOK 5.0b	NOK 898.7m	-NOK 898,293,084.80	200.2x	-5.6x	5.6x
Sat, 12 Apr 2025	NOK 4.7b	NOK 521.9m	-NOK 1,027,426,499.74	114.7x	-4.5x	8.9x
Mon, 10 Mar 2025	NOK 4.6b	NOK 523.6m	-NOK 1,109,608,398.83	132.9x	-4.2x	8.8x
Wed, 05 Feb 2025	NOK 5.2b	NOK 457.1m	-NOK 1,121,137,182.80	154.7x	-4.6x	11.4x
Fri, 03 Jan 2025	NOK 4.8b	NOK 457.7m	-NOK 1,074,383,125.82	153.6x	-4.5x	10.5x
Sun, 01 Dec 2024	NOK 4.3b	NOK 456.2m	-NOK 1,061,738,631.68	140.6x	-4x	9.4x
Tue, 29 Oct 2024	NOK 4.7b	NOK 472.4m	-NOK 1,072,184,705.40	61.4x	-4.4x	9.9x
Thu, 26 Sep 2024	NOK 5.0b	NOK 469.7m	-NOK 1,050,237,433.35	61.4x	-4.7x	10.6x
Sat, 24 Aug 2024	NOK 6.2b	NOK 463.9m	-NOK 1,020,754,311.10	73.3x	-6x	13.3x
Mon, 22 Jul 2024	NOK 8.8b	NOK 516.9m	-NOK 1,052,903,066.98	70.4x	-8.4x	17.1x
Wed, 19 Jun 2024	NOK 8.8b	NOK 641.1m	-NOK 939,012,187.85	38.9x	-9.4x	13.8x
Fri, 17 May 2024	NOK 8.8b	NOK 630.3m	-NOK 990,688,619.84	36.5x	-8.8x	13.9x
Sun, 14 Apr 2024	NOK 8.6b	NOK 659.2m	-NOK 946,123,463.08	39.5x	-9.1x	13.1x
Tue, 12 Mar 2024	NOK 9.4b	NOK 653.3m	-NOK 930,506,629.18	41.8x	-10.1x	14.3x
Thu, 08 Feb 2024	NOK 14.8b	NOK 659.0m	-NOK 1,052,149,655.80	39.3x	-14x	22.4x
Sat, 06 Jan 2024	NOK 16.4b	NOK 654.0m	-NOK 1,351,857,660.00	59.2x	-12.2x	25.2x
Mon, 04 Dec 2023	NOK 14.7b	NOK 659.6m	-NOK 1,368,095,171.00	58.5x	-10.7x	22.2x
Wed, 01 Nov 2023	NOK 13.3b	NOK 491.2m	-NOK 1,558,788,046.00	106.2x	-8.6x	27.2x
Fri, 29 Sep 2023	NOK 15.1b	NOK 624.5m	-NOK 1,459,157,485.00	57x	-10.3x	24.1x
Sun, 27 Aug 2023	NOK 15.4b	NOK 627.5m	-NOK 1,436,001,990.00	58.7x	-10.7x	24.5x

Current Industry PE

Investors are optimistic on the Norwegian Biotechs industry, and appear confident in long term growth rates.

The industry's 3-year average PS ratio of 13.7x is exceeded by the industry's current PS ratio of 33.7x.

Past Earnings Growth

The earnings for companies in the Biotechs industry have improved over the last three years.
Meanwhile revenues for these companies have declined 34% per year.
This means that less sales are being generated overall, but since the cost of doing business is lower, losses have been shrinking.

Industry Trends

Which industries have driven the changes within the Norwegian Healthcare industry?


NO Market	0.97%
Healthcare	3.85%
Biotech	6.49%
Biotech	6.49%

Industry PEThere are no additional sub-industries under this industry.

Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
NYKD Nykode Therapeutics	NOK 4.93	45.9% +NOK 506.1m	177.0%	PS310.5x
AZT ArcticZymes Technologies	NOK 21.70	11.6% +NOK 114.9m	-24.7%	PE72x
ZLNA Zelluna	NOK 22.00	3.8% +NOK 23.5m	57.1%	PS80887.8x
HBC Hofseth BioCare	NOK 1.34	3.1% +NOK 20.9m	-32.9%	PS2.8x

Hofseth BioCare ASA Publishes Peer-Reviewed Clinical Study On ProGo Demonstrating GLP-1 Benefits And Increased Lean Muscle Mass

Hofseth BioCare ASA announced the publication of a new peer-reviewed clinical study on its salmon protein hydrolysate ProGo in the international scientific journal Biomedicines. The randomised, double-blind, active-controlled pilot study reports that 56 days of daily ProGo supplementation improved multiple biological markers relevant to healthy ageing and metabolic health in overweight adults, while a protein-matched whey comparator did not. In the study, 14 overweight adults received either 12 g/day of ProGo or 12 g/day of an iso-nitrogenous whey protein isolate over 56 days. Because both products were matched for protein content and dose, the differences observed between the groups are attributed to the bioactivity of ProGo’s peptides rather than to protein intake alone. The trial is registered on clinicaltrials.gov (NCT07616752). Whilst this was a pilot study of 14 people ProGo’s impact was large enough to reveal consistent, statistically significant signals across a number of independent measures. Further, whilst there were slightly more women in the ProGo group baseline characteristics were well balanced between the groups and actually the ProGo group started with a higher ferritin level providing a higher bar for greater increases which ProGo demonstrated. Across the pre-specified primary endpoints, and after adjustment for multiple testing, ProGo produced statistically significant improvements versus whey in haemoglobin (+3.8%), red blood cell count (+7.5%), mean corpuscular haemoglobin (+5.7%) and ferritin (+13.4%), together with a 39.1% improvement in a composite self-assessed hair, nail and skin score. ProGo contains negligible dietary iron; prior research attributes the iron-related effects to bioactive peptides that upregulate the iron-storage gene FTH1. Secondary, exploratory analyses, reported without correction for multiple testing and therefore considered hypothesis-generating, favoured ProGo across body composition, inflammation and glucose metabolism. These included reductions in waist circumference (-7.7%), BMI (-7%) and percent body fat (-10.7%), with preservation of lean body mass (+13.3%), alongside reductions in the inflammatory markers IL-6, IL-8, IL-12B and TNF-a and improvements in HbA1c and fasting blood glucose. The whey comparator had minimal impact on these measures. As a small (n=14) pilot study the findings are preliminary, and the authors note that larger, longer and placebo-controlled studies are warranted. ProGo Bioactive Peptides is positioned primarily in the healthy ageing category, having been named winner in the Healthy Aging category at the 2025 NutraIngredients-USA Awards and recognised for its metabolic health credentials. Alongside the Biomedicines publication, HBC is releasing a white paper, “ProGo – the Science of Healthy Ageing & Metabolic Health”, which summarises the clinical findings for a general audience.

Norwegian (OSEAX) Biotech Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

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New minor risk - Share price stability

Hofseth BioCare ASA Publishes Peer-Reviewed Clinical Study On ProGo Demonstrating GLP-1 Benefits And Increased Lean Muscle Mass

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Circio Holding ASA has withdrawn its Follow-on Equity Offering in the amount of NOK 82.49999 million.