Zenas BioPharma (ZBIO) Is Up 30.8% After Positive MoonStone Phase 2 Results for Obexelimab in MS – Has The Bull Case Changed?

• In late October 2025, Zenas BioPharma announced positive results from its Phase 2 MoonStone trial evaluating obexelimab for Relapsing Multiple Sclerosis, signaling clinical advancement for the company’s autoimmune disease pipeline.
• This milestone reflects the potential of B cell-targeting therapies to address unmet needs across multiple autoimmune conditions, underscoring Zenas’s ongoing clinical momentum.
• We’ll look at how the positive Phase 2 results for obexelimab could influence Zenas BioPharma’s investment narrative and future prospects.

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What Is Zenas BioPharma's Investment Narrative?

To be a shareholder in Zenas BioPharma today is to believe in the ability of next-generation B cell therapies to shift the outlook for autoimmune conditions, despite the business being at an early and high-risk stage. The recent positive Phase 2 results for obexelimab in Relapsing Multiple Sclerosis are significant, adding tangible evidence to the company’s pipeline ambitions and potentially moving forward the timeline for regulatory discussions. This news is likely to increase attention on short term milestones, such as the upcoming INDIGO and SunStone clinical results, and has already contributed to strong share price momentum. However, Zenas remains unprofitable, is projected to continue generating losses, and depends heavily on fresh funding to advance its pipeline. Risks around execution, funding, and competition remain in sharp focus even as the clinical story strengthens. Yet, it’s the persistent need for new capital that could most directly impact investor outcomes, learn more about this critical factor.

The valuation report we've compiled suggests that Zenas BioPharma's current price could be inflated.

Exploring Other Perspectives

Despite including only one retail fair value estimate from the Simply Wall St Community at US$41.43, market participants remain sharply divided, especially as Zenas’s financing needs become more pressing. Investigate how varying investor opinions can affect sentiment amid evolving clinical milestones.

Explore another fair value estimate on Zenas BioPharma - why the stock might be worth just $41.43!

Build Your Own Zenas BioPharma Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Zenas BioPharma research is our analysis highlighting 1 key reward and 4 important warning signs that could impact your investment decision.
• Our free Zenas BioPharma research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Zenas BioPharma's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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