ACIU

AC Immune

Fundamental data last updated:April 13, 2026

company profile

SECTOR

Healthcare

industry

Biotechnology

Exchange

Nasdaq

County of HQ

Switzerland

Next Earnings Date

04/29/26

Business Summary

AC Immune is a clinical-stage biotechnology company focused on developing therapies targeting neurodegenerative diseases, particularly protein misfolding pathologies. Its model revolves around research, intellectual property development, and advancing drug candidates through clinical trials with the goal of securing partnerships, milestone payments, or eventual commercialization. Cash generation is typically milestone-driven or equity-financed rather than derived from recurring product revenue, which explains the extreme margin volatility. Its moat, if successful, lies in proprietary platforms for targeting disease-specific protein aggregates and the patent estate surrounding those mechanisms, creating high barriers to replication but equally high execution risk.

VALUATION

P/E

-

Market Cap ($M USD)

$333

Forward P/E

6.8

PEG

-

PRICE TO SALES

73

PRICE TO BOOK

5.9

EV / EBITDA

-2.7

5-Year Average P/E

DIVIDEND

Yield

-

Annual Payout

-

Payout Ratio

-

Consecutive Years of Dividend Growth

0

5-Year Dividend Growth Rate

-

Financial Health & Profitability

Earnings Per Share

-$0.88

Next Year EPS Growth Estimate

$0.48

Next Year Revenue Growth Estimate

317.90%

Return on Equity (ROE)

-156.90%

Operating Margin

-1927.30%

Debt-to-Equity

0.1

Piotroski F-Score

1

Altman Z-Score

-4

Return on Invested Capital (ROIC)

-86.30%%

Current Ratio

1

Quick Ratio

Gainseekers Quantitative Analysis

Summary

AC Immune screens as a statistically distorted biotech with extreme financial fragility masked by a superficially low Forward P/E of 6.8. The market is not “mispricing” this — it is discounting severe balance sheet and operating stress, evidenced by an Altman Z-Score of -4, a Piotroski F-Score of 1, ROIC of -86.30%, and an operating margin of -156.90%. A $333M market cap against a Price/Sales ratio of 73 implies investors are paying venture-style multiples for a company generating negative earnings (EPS -2.7) and deeply negative returns. This is not a stable growth compounder; it is a capital-destructive biotech reliant on future expectations, and the forward multiple only reflects projected accounting improvement, not financial safety.

AI Exposure / Tech Reliance

As a Biotechnology company within Healthcare, AC Immune operates in a research-intensive segment that increasingly leverages AI for drug discovery, biomarker analysis, and trial optimization. The industry’s shift toward computational biology and data-driven therapeutic development could improve capital efficiency over time. However, given its current operating margin of -156.90%, technological leverage has not yet translated into scalable profitability.

The Bull Case

A speculative GARP investor could argue that the Forward P/E of 6.8 paired with EPS improving to an estimated -$0.88 next year suggests dramatic earnings inflection potential. Return on Equity of 317.90%, while distorted, signals that incremental capital shifts could generate amplified equity impacts if operating leverage turns positive. The Current Ratio of 1 indicates near-term liquidity is not immediately collapsing, and with a $333M market cap, even modest clinical or commercial traction could re-rate the valuation quickly. In binary biotech scenarios, a low forward multiple combined with accelerating EPS trajectory can create asymmetric upside if pipeline execution materializes.

The Bear Case

The structural risk profile is severe. Debt/Equity of -1927.30% combined with an Altman Z-Score of -4 screams financial instability, and a Piotroski F-Score of 1 signals extremely weak fundamental health. Operating Margin at -156.90% and ROIC at -86.30% confirm that capital deployed is being destroyed at scale. A Price/Sales ratio of 73 despite negative earnings and a PEG Forward listed as negative removes any valuation anchor — investors are paying premium multiples for a company with negative profitability metrics and no demonstrated capital efficiency.

Market Sentiment & Smart Money

Short Interest %

6.30%

Analyst Consensus

1.4

Average Analyst Price Target

$9.00

Institutional Ownership %

25.50%

1-Year Beta

1.6

Insider Buying % (6 Mo)

37.90%%

Distance to 52-Week High

82.00%%

Distance to 52-Week Low

226.20%%