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    Zenas BioPharma (ZBIO) Valuation Check as Investors Position for Obexelimab Phase 3 IgG4 Data

    Simply Wall St·12/23/2025 10:24:06
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    Zenas BioPharma (ZBIO) is drawing fresh interest as investors position ahead of early January Phase 3 topline data for obexelimab in IgG4 related disease, a catalyst that could reshape expectations for the stock.

    See our latest analysis for Zenas BioPharma.

    The latest catalyst is landing on top of intense recent momentum, with a 1 day share price return of 17.1 percent, extending a 90 day share price return of 123.3 percent and a 1 year total shareholder return of 342.3 percent, as investors increasingly price in the Phase 3 readout and look past routine items like inducement option grants and a modest shelf registration.

    If Zenas has grabbed your attention, it could be a good moment to see what else is building steam in healthcare, starting with healthcare stocks.

    With shares already up more than 340 percent over the past year and now trading near, but still below, Street targets, the key question is simple: Is Zenas still mispriced, or is the market already discounting future wins?

    Price to Book of 11.6x: Is it justified?

    On a price to book basis, Zenas looks richly valued at its last close of $42.33, especially when set against both biotech peers and the wider market.

    The price to book ratio compares a company’s market value to the net assets on its balance sheet and is a common yardstick for pre profit biotechs where earnings based metrics are less useful. For Zenas, a double digit price to book signals that investors are paying a substantial premium over the company’s accounting equity, effectively front loading expectations for future pipeline success and revenue acceleration rather than current financials.

    That premium stands out in context, with Zenas trading at roughly 11.6 times book value versus about 2.6 times for the broader US biotech industry and 4.6 times across its closest peers. The gap indicates that the market is assigning Zenas a growth and execution profile that is far stronger than average. This may leave limited room for disappointment if trial outcomes or commercial timelines slip.

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

    Result: Price to book of 11.6x (OVERVALUED).

    However, risks loom if obexelimab’s Phase 3 data disappoints, or broader immunology competition intensifies, which could quickly deflate Zenas’s premium valuation.

    Find out about the key risks to this Zenas BioPharma narrative.

    Build Your Own Zenas BioPharma Narrative

    If you see the story differently or want to dig into the numbers yourself, you can build a complete view in minutes by starting with Do it your way.

    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.

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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.