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    CARsgen Therapeutics Holdings (SEHK:2171): Valuation Check After Zevor‑cel Listing and New CT0596 Data

    Simply Wall St·12/19/2025 10:31:50
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    CARsgen Therapeutics Holdings (SEHK:2171) just checked two important boxes for investors, with zevor cel entering China’s new Innovative Drug Catalogue and fresh CT0596 data showcased at the ASH congress.

    See our latest analysis for CARsgen Therapeutics Holdings.

    Even with the share price sitting at HK$15.0 after a steep 90 day share price return of minus 28.77 percent and a softer 30 day share price return of minus 13.34 percent, the strong year to date share price return of 59.91 percent and impressive 1 year total shareholder return of 78.15 percent suggest sentiment is still broadly improving as investors weigh zevor cel’s commercial traction and the CT0596 data against CARsgen’s ongoing losses and execution risks.

    If CARsgen’s news has you thinking about where the next wave of innovative therapies might come from, this is a good moment to explore healthcare stocks as potential additions to your watchlist.

    With the shares still trading at a hefty discount to analyst targets despite rapid revenue growth and clear pipeline momentum, investors now face a crucial question: is CARsgen undervalued or already pricing in its next leg of growth?

    Price to book of 7.8x, is it justified?

    With CARsgen last closing at HK$15.0, the stock trades on a price to book ratio of 7.8 times, which screens as expensive against peers.

    The price to book ratio compares a company’s market value with the accounting value of its net assets, a common yardstick for early stage, loss making biotechs where earnings are not yet meaningful.

    For CARsgen, paying 7.8 times book value signals that investors are ascribing substantial value to its CAR T pipeline and future cash flows rather than the current balance sheet. This stance assumes rapid execution on the forecast transition to profitability and very strong revenue growth.

    That premium looks stretched when set beside both the Hong Kong Biotechs industry average of 4.7 times and the narrower peer group average of 6.2 times. This suggests the market is already demanding a higher success rate and commercial impact from CARsgen’s programs than from many of its closest comparables.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price to book of 7.8x (OVERVALUED)

    However, persistent losses and any setback in pivotal CAR T trials could quickly undermine confidence in the current growth premium.

    Find out about the key risks to this CARsgen Therapeutics Holdings narrative.

    Build Your Own CARsgen Therapeutics Holdings Narrative

    If you see things differently or would rather dive into the numbers yourself, you can build a personalized view of CARsgen in just a few minutes, Do it your way.

    A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding CARsgen Therapeutics Holdings.

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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.