Biological Products stocks: intrinsic value, ROIC & growth
143 U.S. biological products companies with at least three years of SEC filings, ranked by size. 36 of the 46 with a current price trade below their Graham intrinsic value. The median company earned a -17.0% average return on invested capital and grew revenue 19.8% a year.
Updated October 18, 2026
143companies
36below Graham value
-17.0%median 10-yr ROIC
19.8%median revenue CAGR
Most undervalued biological products stocks
| Ticker | Company | Upside | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| ADMA | ADMA BIOLOGICS, INC. | +87% | $10.68 | $19.93 | 46% below | $2.6B | 6239.1% | 53.7% |
| EXEL | EXELIXIS, INC. | +48% | $62.23 | $92.34 | 33% below | $17.5B | 22.1% | 46.6% |
| NBIX | NEUROCRINE BIOSCIENCES INC | +14% | $135.71 | $155.12 | 13% below | $13.9B | 1.5% | 79.2% |
Highest-ROIC biological products stocks
| Ticker | Company | 10-yr ROIC | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|---|
| IMCR | Immunocore Holdings plc | 132.3% | £29.40 | — | — | £1.5B | 132.3% | 49.8% |
| BEAM | Beam Therapeutics Inc. | 93.1% | $23.47 | — | — | $2.3B | 93.1% | 345.0% |
| TARS | Tarsus Pharmaceuticals, Inc. | 33.8% | $68.07 | — | — | $2.8B | 33.8% | 67.7% |
| IBRX | ImmunityBio, Inc. | 29.0% | $9.18 | — | — | $8.4B | 29.0% | 139.3% |
| SLDB | Solid Biosciences Inc. | 25.0% | $5.53 | $124.71 | 96% below | $483.9M | 25.0% | -40.6% |
| EXEL | EXELIXIS, INC. | 22.1% | $62.23 | $92.34 | 33% below | $17.5B | 22.1% | 46.6% |
| BIIB | Biogen | 20.4% | $232.65 | — | — | $34.2B | 20.4% | -1.6% |
| AMGN | Amgen | 17.1% | $432.49 | $195.69 | 121% above | $234.4B | 17.1% | 5.3% |
| GILD | Gilead Sciences | 15.8% | $156.19 | $1.05 | 14775% above | $196.0B | 15.8% | -0.3% |
| MRNA | Moderna | 13.2% | $218.01 | $668.30 | 67% below | $84.8B | 13.2% | 37.8% |
All biological products stocks
| Ticker | Company | Price | Graham value | Price vs value | Market cap | ROIC (10y) | Revenue CAGR |
|---|---|---|---|---|---|---|---|
| AMGN | Amgen | $432.49 | $195.69 | 121% above | $234.4B | 17.1% | 5.3% |
| GILD | Gilead Sciences | $156.19 | $1.05 | 14775% above | $196.0B | 15.8% | -0.3% |
| MRNA | Moderna | $218.01 | $668.30 | 67% below | $84.8B | 13.2% | 37.8% |
| BIIB | Biogen | $232.65 | — | — | $34.2B | 20.4% | -1.6% |
| RVMD | Revolution Medicines, Inc. | $177.96 | $64.17 | 177% above | $33.8B | -47.4% | -10.5% |
| EXEL | EXELIXIS, INC. | $62.23 | $92.34 | 33% below | $17.5B | 22.1% | 46.6% |
| HALO | HALOZYME THERAPEUTICS, INC. | $121.84 | $85.03 | 43% above | $15.1B | 8.9% | 28.4% |
| NBIX | NEUROCRINE BIOSCIENCES INC | $135.71 | $155.12 | 13% below | $13.9B | 1.5% | 79.2% |
| TECH | Bio-Techne | $72.57 | — | — | $11.6B | 10.1% | 10.4% |
| KRYS | Krystal Biotech, Inc. | $316.58 | $227.20 | 39% above | $9.5B | -78.0% | 177.0% |
| KYMR | Kymera Therapeutics, Inc. | $104.78 | — | — | $8.9B | -30.3% | 54.0% |
| PCVX | Vaxcyte, Inc. | $63.62 | — | — | $8.7B | -33.9% | — |
| IBRX | ImmunityBio, Inc. | $9.18 | — | — | $8.4B | 29.0% | 139.3% |
| TWST | Twist Bioscience Corp | $132.75 | — | — | $7.9B | -15.5% | 55.9% |
| SCNI | Scinai Immunotherapeutics Ltd. | $0.75 | — | — | $7.0B | 143.4% | -77.4% |
| IMVT | Immunovant, Inc. | $26.73 | — | — | $4.9B | 1000.6% | — |
| CGON | CG Oncology, Inc. | $59.85 | — | — | $4.6B | -18.6% | 345.0% |
| SRRK | Scholar Rock Holding Corp | $39.90 | — | — | $4.6B | -92.9% | 17.4% |
| KOD | Kodiak Sciences Inc. | $85.75 | — | — | $4.6B | 6913.9% | — |
| CRSP | CRISPR Therapeutics AG | $49.25 | $0.41 | 11912% above | $4.4B | -19.9% | -4.2% |
| ADPT | Adaptive Biotechnologies Corp | $24.02 | — | — | $3.6B | -17.9% | 28.0% |
| DNLI | Denali Therapeutics Inc. | $17.61 | $20.93 | 16% below | $3.0B | -22.0% | 20.7% |
| TARS | Tarsus Pharmaceuticals, Inc. | $68.07 | — | — | $2.8B | 33.8% | 67.7% |
| RLAY | Relay Therapeutics, Inc. | $16.28 | $67.59 | 76% below | $2.8B | -43.9% | -28.6% |
| ADMA | ADMA BIOLOGICS, INC. | $10.68 | $19.93 | 46% below | $2.6B | 6239.1% | 53.7% |
| BEAM | Beam Therapeutics Inc. | $23.47 | — | — | $2.3B | 93.1% | 345.0% |
| VCEL | Vericel Corp | $40.13 | $10.63 | 278% above | $2.1B | -17.0% | 19.8% |
| NVAX | NOVAVAX INC | $11.26 | $85.70 | 87% below | $1.9B | 639.3% | 61.1% |
| BCRX | BIOCRYST PHARMACEUTICALS INC | $7.79 | $40.19 | 81% below | $1.7B | -67.0% | 47.6% |
| RXRX | RECURSION PHARMACEUTICALS, INC. | $3.46 | — | — | $1.6B | -269.1% | 78.4% |
| IMCR | Immunocore Holdings plc | £29.40 | — | — | £1.5B | 132.3% | 49.8% |
| INBX | Inhibrx Biosciences, Inc. | $89.83 | — | — | $1.4B | 1218.9% | -15.0% |
| VIR | Vir Biotechnology, Inc. | $9.96 | $127.22 | 92% below | $1.4B | 8.4% | 49.8% |
| DBVT | DBV Technologies S.A. | $9.05 | $1.67 | 442% above | $1.3B | -4355.3% | -5.2% |
| MAZE | Maze Therapeutics, Inc. | $27.53 | — | — | $1.2B | 41.6% | — |
| TSHA | Taysha Gene Therapies, Inc. | $3.62 | — | — | $1.2B | 924.1% | 57.5% |
| REPL | Replimune Group, Inc. | $10.86 | — | — | $1.0B | -55.9% | — |
| GLUE | Monte Rosa Therapeutics, Inc. | $9.74 | — | — | $809.1M | -924.2% | 63.5% |
| MGTX | MeiraGTx Holdings plc | $9.28 | — | — | $746.4M | 1020.6% | 35.3% |
| FDMT | 4D Molecular Therapeutics, Inc. | $12.14 | — | — | $703.3M | 3.1% | 51.8% |
| SANA | Sana Biotechnology, Inc. | $2.27 | — | — | $574.8M | -175.7% | — |
| DNA | Ginkgo Bioworks Holdings, Inc. | $10.27 | — | — | $569.6M | -839.4% | 21.0% |
| PRME | Prime Medicine, Inc. | $3.47 | — | — | $516.2M | -130.9% | -2.3% |
| SLDB | Solid Biosciences Inc. | $5.53 | $124.71 | 96% below | $483.9M | 25.0% | -40.6% |
| CADL | Candel Therapeutics, Inc. | $8.19 | — | — | $433.7M | 165.7% | 0.0% |
| AUTL | Autolus Therapeutics plc | $1.60 | — | — | $425.8M | -1.4% | 566.3% |
| AURA | Aura Biosciences, Inc. | $6.10 | — | — | $368.1M | -215.6% | — |
| RGNX | REGENXBIO Inc. | $6.93 | $96.66 | 93% below | $357.1M | -35.3% | 49.4% |
| ALLO | Allogene Therapeutics, Inc. | $1.31 | $131.28 | 99% below | $289.0M | -42.7% | -91.7% |
| FENC | FENNEC PHARMACEUTICALS INC. | $9.98 | — | — | $285.2M | 43.0% | 204.7% |
| KYTX | Kyverna Therapeutics, Inc. | $5.67 | — | — | $251.0M | -684.8% | — |
| CCCC | C4 Therapeutics, Inc. | $2.77 | — | — | $229.2M | -5.8% | 20.1% |
| LCTX | Lineage Cell Therapeutics, Inc. | $0.98 | $7.19 | 86% below | $225.1M | -51.0% | 10.5% |
| FATE | FATE THERAPEUTICS INC | $1.79 | — | — | $212.6M | 636.6% | 4.7% |
| EDIT | Editas Medicine, Inc. | $2.35 | — | — | $208.6M | -180.2% | 23.5% |
| PLX | Protalix BioTherapeutics, Inc. | $2.62 | $1.33 | 97% above | $205.8M | -6.8% | 21.4% |
| OCGN | Ocugen, Inc. | $0.78 | — | — | $190.6M | -1067.7% | 152.9% |
| ALEC | Alector, Inc. | $1.84 | — | — | $189.5M | -95.9% | 28.3% |
| AGEN | AGENUS INC | $6.04 | — | — | $179.6M | -57.7% | 19.7% |
| VOR | Vor Biopharma Inc. | $18.03 | — | — | $178.0M | -88.7% | — |
| IKT | Inhibikase Therapeutics, Inc. | $1.65 | $20.10 | 92% below | $162.2M | -204.6% | -28.0% |
| ELOX | Eloxx Pharmaceuticals, Inc. | $13.03 | — | — | $160.9M | 79.7% | 74.2% |
| ACOG | Alpha Cognition Inc. | $8.19 | — | — | $144.8M | 112.5% | — |
| ARTV | Artiva Biotherapeutics, Inc. | $5.85 | $562.19 | 99% below | $143.0M | 80.2% | -99.2% |
| LXEO | Lexeo Therapeutics, Inc. | $2.64 | — | — | $141.6M | -51.5% | — |
| ENTX | Entera Bio Ltd. | $2.68 | — | — | $123.8M | 679.2% | -29.8% |
| ARMP | Armata Pharmaceuticals, Inc. | $3.37 | — | — | $122.1M | -117.8% | 38.6% |
| IPSC | Century Therapeutics, Inc. | $1.37 | — | — | $118.6M | -42.0% | 175.9% |
| CMPX | Compass Therapeutics, Inc. | $0.86 | — | — | $118.2M | -2889.4% | — |
| ATRA | Atara Biotherapeutics, Inc. | $9.18 | $85.36 | 89% below | $116.8M | -634.5% | 23.9% |
| CHRS | Coherus Oncology, Inc. | $0.99 | $16.75 | 94% below | $116.0M | -115.7% | -15.4% |
| CABA | Cabaletta Bio, Inc. | $1.41 | — | — | $112.7M | -175.9% | — |
| AVXL | ANAVEX LIFE SCIENCES CORP. | $1.31 | — | — | $111.7M | -82.4% | — |
| VYGR | Voyager Therapeutics, Inc. | $1.90 | $84.76 | 98% below | $111.5M | 266.6% | 12.3% |
| XFOR | X4 Pharmaceuticals, Inc | $2.59 | — | — | $109.5M | 416.1% | 39.0% |
| IVVD | Invivyd, Inc. | $0.62 | — | — | $106.5M | -222.1% | 110.5% |
| VXRT | Vaxart, Inc. | $0.45 | $2.33 | 81% below | $103.7M | -18.2% | 43.3% |
| ABOS | Acumen Pharmaceuticals, Inc. | $1.69 | — | — | $102.3M | -42.1% | — |
| TARA | Protara Therapeutics, Inc. | $2.32 | — | — | $99.4M | -93.0% | — |
| BDTX | Black Diamond Therapeutics, Inc. | $1.72 | — | — | $99.0M | -20.2% | — |
| LENZ | LENZ Therapeutics, Inc. | $3.27 | — | — | $94.2M | -120.5% | — |
| STRO | SUTRO BIOPHARMA, INC. | $10.94 | — | — | $93.0M | 171.2% | 6.2% |
| ENGN | enGene Therapeutics Inc. | $1.67 | $48.40 | 97% below | $85.4M | 280.3% | — |
| PROK | PROKIDNEY CORP. | $1.33 | — | — | $81.8M | 154.3% | 1075.0% |
| BCAB | BioAtla, Inc. | $1.36 | $18.25 | 93% below | $80.0M | 248.9% | -14.7% |
| SGMO | SANGAMO THERAPEUTICS, INC | — | — | — | — | 722.6% | 8.2% |
| PALI | PALISADE BIO, INC. | $1.41 | — | — | $78.5M | 2405.3% | 47.8% |
| NMRA | Neumora Therapeutics, Inc. | $0.47 | — | — | $77.4M | -208.8% | — |
| DTIL | PRECISION BIOSCIENCES INC | $5.77 | $34.54 | 83% below | $74.0M | 16.5% | 17.8% |
| LIMN | Liminatus Pharma, Inc. | $3.04 | — | — | $72.2M | -182.0% | — |
| HUMA | Humacyte, Inc. | $0.43 | — | — | $67.9M | 315.7% | 6.5% |
| CSBR | CHAMPIONS ONCOLOGY, INC. | $4.70 | $10.96 | 57% below | $65.0M | -91.9% | 16.2% |
| CRDF | Cardiff Oncology, Inc. | $0.90 | — | — | $60.2M | 197.1% | 5.0% |
| TNYA | Tenaya Therapeutics, Inc. | $0.38 | — | — | $58.3M | -89.8% | — |
| CGTX | COGNITION THERAPEUTICS INC | $0.73 | — | — | $53.1M | 1896.6% | — |
| ALGS | Aligos Therapeutics, Inc. | $4.86 | $153.58 | 97% below | $48.0M | 579.9% | -40.6% |
| CRBU | Caribou Biosciences, Inc. | $0.47 | — | — | $43.9M | 3.8% | 11.6% |
| INKT | MiNK Therapeutics, Inc. | $9.41 | — | — | $40.2M | 62.0% | — |
| TIL | Instil Bio, Inc. | $5.91 | — | — | $39.4M | -15.7% | — |
| INMB | Inmune Bio, Inc. | $1.57 | — | — | $38.9M | -137.4% | 35.6% |
| PTHS | Pelthos Therapeutics Inc. | $20.15 | — | — | $37.9M | -18.3% | — |
| ELUT | ELUTIA INC. | $0.79 | — | — | $36.5M | -200.6% | -18.8% |
| EXOZ | EXOZYMES INC. | $4.09 | — | — | $34.3M | -408.2% | — |
| KLRS | Kalaris Therapeutics, Inc. | $2.00 | — | — | $30.5M | -50.9% | — |
| TCRX | TScan Therapeutics, Inc. | $0.23 | — | — | $30.0M | -58.8% | 56.9% |
| MGX | Metagenomi Therapeutics, Inc. | $0.78 | $84.29 | 99% below | $29.2M | -344.9% | -24.9% |
| LONA | LeonaBio, Inc. | $5.20 | — | — | $22.2M | -33.3% | — |
| ZIVO | Zivo Bioscience, Inc. | $6.50 | — | — | $20.6M | 196.8% | 67.4% |
| IMA | ImageneBio, Inc. | $4.04 | $572.03 | 99% below | $19.0M | -69.5% | -38.6% |
| OTLK | Outlook Therapeutics, Inc. | $0.49 | $11.43 | 96% below | $17.0M | 373.2% | -8.0% |
| ATYR | aTYR PHARMA INC | $0.17 | $11.32 | 98% below | $16.2M | -89.7% | -12.4% |
| ESLA | Estrella Immunopharma, Inc. | $0.43 | — | — | $15.8M | 180.9% | — |
| DYAI | DYADIC INTERNATIONAL INC | $0.41 | — | — | $13.4M | -71.6% | 19.2% |
| PASG | Passage BIO, Inc. | $3.50 | — | — | $11.1M | -71.6% | — |
| RGEN | REPLIGEN CORP | $175.42 | $28.57 | 514% above | $9.9M | 6.4% | 24.3% |
| JSPR | Jasper Therapeutics, Inc. | $0.48 | — | — | $9.2M | 919.3% | -2.7% |
| CVM | CEL SCI CORP | $1.79 | — | — | $7.3M | 260.4% | — |
| BCLI | BRAINSTORM CELL THERAPEUTICS INC. | $0.78 | — | — | $7.2M | -75.1% | — |
| ZEOX | Zeo ScientifiX, Inc. | $0.98 | — | — | $6.3M | 383.8% | 44.9% |
| PLUR | Pluri Inc. | $0.93 | $23.40 | 96% below | $5.9M | -67.1% | -8.1% |
| CRIS | CURIS INC | $0.41 | $3.58 | 89% below | $5.4M | -22.4% | 2.5% |
| SNTI | Senti Biosciences Holdings, Inc. | $0.22 | $303.60 | 100% below | $5.1M | -314.8% | -68.7% |
| IOVA | IOVANCE BIOTHERAPEUTICS, INC. | $13.62 | — | — | $4.9M | -61.9% | 1388.7% |
| INAB | IN8BIO, INC. | $1.11 | — | — | $4.9M | -270.2% | — |
| INTS | INTENSITY THERAPEUTICS, INC. | $3.35 | — | — | $4.5M | -1381.1% | — |
| CPMV | Mosaic ImmunoEngineering Inc. | $0.33 | — | — | $2.3M | 23.8% | 106.9% |
| CELZ | CREATIVE MEDICAL TECHNOLOGY HOLDINGS, INC. | $0.74 | $68.53 | 99% below | $1.8M | 34.9% | 2.8% |
| AGTX | Agentix Corp. | $0.02 | $0.70 | 97% below | $801.3K | -62143.2% | -44.6% |
| ZIVOW | Zivo Bioscience, Inc. | — | — | — | — | 196.8% | 67.4% |
| AIM | AIM ImmunoTech Inc. | $0.17 | — | — | $272.1K | -93.2% | -0.5% |
| VIVS | VivoSim Labs, INC. | $0.16 | $54.50 | 100% below | $234.2K | 2174.6% | -22.8% |
| SLXN | Silexion Therapeutics Corp | $0.15 | — | — | $203.4K | 139.6% | — |
| GPLB | Green Planet Bio Engineering Co. Ltd. | $0.01 | — | — | $176.1K | 12.0% | — |
| SRZN | Surrozen, Inc./DE | $23.44 | $1,701.87 | 99% below | $175.3K | -81.6% | -34.7% |
| SCLX | Scilex Holding Co | $2.83 | — | — | $31.2K | 62.5% | 5.1% |
| CLDI | Calidi Biotherapeutics, Inc. | $0.84 | — | — | $3.6K | 744.0% | — |
| WINT | WINDTREE THERAPEUTICS INC /DE/ | $0.00 | $86.47 | — | $1.0K | -51.6% | -33.1% |
| CERO | CERO THERAPEUTICS HOLDINGS, INC. | $0.01 | — | — | $37 | 26.3% | — |
| APGE | Apogee Therapeutics, Inc. | — | — | — | — | — | — |
| APTN | ADAPTIN BIO, INC. | — | — | — | — | 263.8% | — |
| APTOF | Aptose Biosciences Inc. | — | — | — | — | -39.2% | — |
| BCDA | BioCardia, Inc. | $0.92 | — | — | — | 494.8% | -24.9% |
| PHGE | BiomX Inc. | — | $469.04 | — | — | 512.3% | — |
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