Compugen Ltd Dossier - Source-backed chat

Compugen Ltd

CGENNASDAQ

SectorHealth Care

IndustryBiotechnology

Beta (adjusted)2.17

Intrinsic Value $5.66median of 3 methodsbased on filings through 31 Dec 2025

Market Price $2.34Price as of 1 Oct 2026

Significantly undervaluedIntrinsic value is 142% above the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

marker beyond scale (+142%)

Data confidence Sign in to view data confidence

Market Cap $221.7M

Enterprise Value $131.1M

Shares Outstanding 93.8M diluted

Moat Rating None

Next Earnings Date31 Mar 2027

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Compugen Ltd. (CGEN) represents a compelling high-risk, high-reward opportunity in the clinical-stage immuno-oncology space. The company's investment thesis is anchored by its proprietary AI/ML-powered computational target discovery platform, Unigen, which has successfully discovered novel drug targets such as PVRIG and TIGIT. Unlike many clinical-stage biotech peers, Compugen has validated its platform through high-profile pharmaceutical partnerships with AstraZeneca and Gilead, which collectively offer up to $1 billion in potential milestone payments plus tiered royalties. Crucially, a $65 million royalty monetization transaction with AstraZeneca in late 2025 has extended Compugen's cash runway into 2029, providing a robust financial cushion to fund its wholly owned COM701 MAIA-ovarian trial through its key Q1 2027 interim readout without near-term dilutive financing.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets5 analysts · as of 18 Aug 2026

Low · most bearish analyst$4.00

Mean target$4.60

High · most bullish analyst$6.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

$1.3020%

The bear case is triggered by clinical failures, such as a futility signal in the MAIA-ovarian trial or safety/efficacy setbacks in AstraZeneca's Phase 3 rilvegostomig program. Such setbacks would severely impair the perceived value of Compugen's computational platform, eliminate anticipated milestone payments, and force the company to seek highly dilutive equity financing as its cash runway depletes toward 2029.

Base CaseCentral scenario

$4.0050%

The base case assumes steady clinical progression of the partnered assets (rilvegostomig and GS-0321) with incremental milestone achievements. The wholly owned COM701 MAIA-ovarian trial continues on track with acceptable safety and encouraging efficacy signals in the Q1 2027 interim analysis, justifying continued development. The cash runway remains secure into 2029, and the stock trades closer to the consensus analyst target.

Bull CaseUpside scenario

$6.0030%

The bull case assumes rapid clinical success of AstraZeneca's rilvegostomig across its multiple Phase 3 trials, triggering substantial milestone payments and establishing a clear path to peak annual revenues exceeding $5 billion. Simultaneously, Compugen's wholly owned COM701 MAIA-ovarian trial delivers highly positive interim results in Q1 2027, validating PVRIG as a first-in-class checkpoint target and positioning COM701 as a highly valuable asset for a lucrative licensing deal or acquisition.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Robust cash runway extending into 2029, fully funding operations through key clinical readouts without immediate dilution.
Validation from major pharmaceutical partnerships with AstraZeneca and Gilead, representing up to $1 billion in potential milestones plus royalties.
Proprietary AI/ML computational platform (Unigen) that has repeatedly demonstrated the ability to discover novel, clinically viable drug targets.
Wholly owned lead asset COM701 targeting PVRIG, offering a differentiated mechanism of action for less inflamed tumors like ovarian cancer.

Key Investment Risks

High clinical development risk typical of clinical-stage biotechnology companies, with no guarantee of regulatory approval for any pipeline assets.
Concentration of near-term revenue and valuation on milestone payments rather than stable, recurring product sales.
Geopolitical and regional risks associated with primary operations being located in Israel.

Thesis Invalidation Triggers

Futility or negative efficacy/safety signals in the MAIA-ovarian trial interim analysis in Q1 2027.
Termination or significant delay of AstraZeneca's Phase 3 rilvegostomig clinical program.
Inability to transition GS-0321 to Phase 2 development with Gilead.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.