Third Harmonic Bio, Inc.

NasdaqGM:THRD Stock Report

Market Cap: US$561.9m

Third Harmonic Bio Valuation

Is THRD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of THRD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate THRD's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate THRD's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for THRD?

Key metric: As THRD is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for THRD. This is calculated by dividing THRD's market cap by their current book value.
What is THRD's PB Ratio?
PB Ratio1.9x
BookUS$294.85m
Market CapUS$561.88m

Price to Book Ratio vs Peers

How does THRD's PB Ratio compare to its peers?

The above table shows the PB ratio for THRD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average4x
MNMD Mind Medicine (MindMed)
2.1x36.3%US$554.4m
EYPT EyePoint Pharmaceuticals
2.9x-1.0%US$627.9m
SNDL SNDL
0.6x146.1%US$525.7m
CRMD CorMedix
10.3x183.4%US$604.3m
THRD Third Harmonic Bio
1.9x-28.4%US$561.9m

Price-To-Book vs Peers: THRD is good value based on its Price-To-Book Ratio (1.9x) compared to the peer average (4x).

Price to Book Ratio vs Industry

How does THRD's PB Ratio compare vs other companies in the US Pharmaceuticals Industry?

22 CompaniesPrice / BookEstimated GrowthMarket Cap
SHWZ Medicine Man Technologies
0.1xn/aUS$8.82m
TNFA TNF Pharmaceuticals
0.2xn/aUS$3.69m
UPC Universe Pharmaceuticals
0.1xn/aUS$3.04m
CYTO Altamira Therapeutics
0.2x-5.9%US$1.44m
THRD 1.9xIndustry Avg. 1.8xNo. of Companies22PB012345+
22 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: THRD is expensive based on its Price-To-Book Ratio (1.9x) compared to the US Pharmaceuticals industry average (1.8x).

Price to Book Ratio vs Fair Ratio

What is THRD's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

THRD PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio1.9x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate THRD's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst THRD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$12.47
US$19.00
+52.4%
15.3%US$23.00US$15.00n/a4
Nov ’25US$14.33
US$19.00
+32.6%
15.3%US$23.00US$15.00n/a4
Oct ’25US$13.04
US$19.00
+45.7%
15.3%US$23.00US$15.00n/a4
Sep ’25US$11.55
US$19.00
+64.5%
15.3%US$23.00US$15.00n/a4
Aug ’25US$11.74
US$17.00
+44.8%
23.9%US$23.00US$12.00n/a4
Jul ’25US$12.89
US$17.00
+31.9%
23.9%US$23.00US$12.00n/a4
Jun ’25US$13.31
US$13.50
+1.4%
11.1%US$15.00US$12.00n/a2
May ’25US$11.38
US$9.55
-16.1%
15.2%US$11.00US$8.10n/a2
Apr ’25US$8.75
US$9.55
+9.1%
15.2%US$11.00US$8.10n/a2
Jan ’25US$10.97
US$7.30
-33.5%
50.7%US$11.00US$3.60n/a2
Dec ’24US$9.24
US$5.30
-42.6%
32.1%US$7.00US$3.60n/a2
Nov ’24US$6.50
US$5.30
-18.5%
32.1%US$7.00US$3.60US$14.332
Oct ’24US$6.39
US$5.30
-17.1%
32.1%US$7.00US$3.60US$13.042
Sep ’24US$6.18
US$5.30
-14.2%
32.1%US$7.00US$3.60US$11.552
Aug ’24US$6.85
US$4.30
-37.2%
16.3%US$5.00US$3.60US$11.742
Jun ’24US$4.66
US$4.30
-7.7%
16.3%US$5.00US$3.60US$13.312
May ’24US$4.97
US$15.87
+219.2%
103.2%US$39.00US$3.60US$11.383
Apr ’24US$4.12
US$15.87
+285.1%
103.2%US$39.00US$3.60US$8.753
Mar ’24US$4.25
US$15.87
+273.3%
103.2%US$39.00US$3.60US$10.303
Feb ’24US$4.36
US$15.87
+263.9%
103.2%US$39.00US$3.60US$8.733
Jan ’24US$4.30
US$15.87
+269.0%
103.2%US$39.00US$3.60US$10.973
Dec ’23US$21.77
US$34.33
+57.7%
10.7%US$39.00US$30.00US$9.243
Nov ’23US$23.12
US$34.33
+48.5%
10.7%US$39.00US$30.00US$6.503

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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