Centessa Pharmaceuticals (CNTA) just put its orexin strategy front and center by naming Mario Alberto Accardi as CEO and board member, a leadership shift closely aligned with its focused neuroscience pipeline.

The leadership reshuffle lands after a sharp run up in the stock, with Centessa’s 90 day share price return of 20.39 percent and one year total shareholder return of 59.99 percent suggesting momentum is still building despite recent pullbacks.

If Accardi’s appointment has you rethinking where the next big neuroscience winner might come from, it could be worth exploring other healthcare stocks that are quietly reshaping treatment landscapes.

With ORX750 nearing a registrational path, bullish analysts lifting targets, and shares still trading well below consensus, investors now face a pivotal question: Is Centessa undervalued, or has the market already priced in the orexin upside?

Price to Book of 12.8x: Is it justified?

Centessa’s latest close at $26.51 comes with a rich price to book ratio, signaling an equity valuation well above typical biotech peers.

The price to book multiple compares the market value of the company’s equity against its net assets, a metric often watched closely for asset light, loss making biotech names where traditional earnings based multiples are less informative.

At 12.8 times book value versus roughly 2.7 times for the broader US biotech industry and 9.7 times for direct peers, the market is clearly paying a substantial premium for Centessa’s orexin platform and projected growth rather than its current loss making financials.

This elevated price to book ratio underlines how aggressively investors are valuing Centessa compared to both its sector and closer comparables. It implies expectations for outsized future value creation from its pipeline rather than balance sheet strength.

Result: Price to Book of 12.8x (OVERVALUED)

However, setbacks in ORX750 trials or weaker than expected uptake across broader orexin indications could quickly challenge the premium that Centessa now commands.

Build Your Own Centessa Pharmaceuticals Narrative

If you have a different view, or want to interrogate the numbers yourself, you can build a custom Centessa thesis in just minutes: Do it your way.

A great starting point for your Centessa Pharmaceuticals research is our analysis highlighting 1 key reward and 1 important warning sign 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.