Want to see GB:HVO full AI Analyst Report?
Top Page
Open Orphan Plc
(LSE:HVO)
Select Model
Select Model
Rating:49Neutral
Price Target:
6.50 p
▼(-1.52% Downside)
Action:Reiterated
Date:09/22/26
The score is held back primarily by deteriorated financial performance (losses, negative gross profit, and significant cash burn) and weak technical momentum (below key moving averages with negative MACD and low RSI/Stoch). These are partially offset by a moderately supportive earnings outlook centered on a record order book and expected H2 recovery, and a dividend yield that provides limited valuation support despite a negative P/E.
Positive Factors
Record order book
A record order book and rising proposal activity indicate a substantial contracted and prospective demand base. Management says the backlog provides visibility through 2026 and into 2027-2028, supporting capacity utilization and multi-period revenue planning despite timing shifts.
Negative Factors
Revenue execution delays
The revenue decline shows that contract timing remains a material execution constraint even when projects are deferred rather than canceled. Shifting challenge-trial work across reporting periods reduces near-term utilization, delays cash conversion and makes revenue planning less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Record order book
A record order book and rising proposal activity indicate a substantial contracted and prospective demand base. Management says the backlog provides visibility through 2026 and into 2027-2028, supporting capacity utilization and multi-period revenue planning despite timing shifts.
Read all positive factors
Open Orphan Plc (HVO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£41.30M
Dividend Yield3.33%
Average Volume (3M)1.16M
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth-24.24%
EPS Growth-329.49%
CountryUK
Employees376
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.02
Shares Outstanding688,401,060
10 Day Avg. Volume933,094
30 Day Avg. Volume1,163,674
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.13
Price to Sales (P/S)0.92
P/FCF Ratio-2.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£14.00Price Target Upside112.12% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)£47.02M
Open Orphan Plc Business Overview & Revenue Model
Company Description
hVIVO plc (HVO) operates as a premier full-service Contract Research Organisation (CRO) focused on early-phase clinical development, globally recognized as the leader in human challenge trials. The company provides a complete spectrum of clinical ...
How the Company Makes Money
Open Orphan makes money primarily by providing fee-for-service clinical research to third-party customers (typically pharmaceutical and biotechnology companies, and potentially academic or governmental organizations) that need rapid, controlled ef...
Open Orphan Plc Earnings Call Summary
Earnings Call Date:Sep 15, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 14, 2027
Earnings Call Sentiment Positive
The call was positive overall despite weak first-half financial results, a GBP 47 million full-year revenue outlook below consensus, contract delays and an expected full-year EBITDA loss. Management emphasized record order-book levels, a recovering human challenge trial pipeline, 110% laboratory revenue growth, diversification into new therapeutic areas and an immediately accretive CRS Berlin acquisition. The deferred contracts were explicitly described as delayed rather than canceled, and management expressed confidence in significant growth and positive EBITDA in 2027.Positive Updates
Record Order Book and Stronger Sales Pipeline
New proposals increased 45% year on year, while the value of proposals increased 26%. The underlying order book reached GBP 65 million at the end of June 2026 and GBP 72 million including CRS Berlin, the highest level in the company's history. Management said the order book provides excellent visibility for the remainder of 2026 and into 2027 and 2028.
Negative Updates
First-Half Revenue Decline
First-half 2026 revenue was GBP 16.3 million, down from GBP 24 million in the first half of 2025. Management attributed the difference primarily to lower human challenge trial revenue, following the high level of cancellations in 2025 and the deferral of expected 2026 work.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Order Book and Stronger Sales Pipeline
New proposals increased 45% year on year, while the value of proposals increased 26%. The underlying order book reached GBP 65 million at the end of June 2026 and GBP 72 million including CRS Berlin, the highest level in the company's history. Management said the order book provides excellent visibility for the remainder of 2026 and into 2027 and 2028.
Read all positive updates
Company Guidance
For full year 2026, hVIVO is guiding to around GBP 47 million of revenue, including GBP 31 million in H2 2026, which is almost double H1 2026 revenue of GBP 16.3 million; it expects to be EBITDA positive in H2 and to reduce the H1 EBITDA loss of GBP 4.5 million to a low single-digit loss for the full year, defined as anywhere between GBP 2 million and GBP 3 million, with cash expected to be about down to about GBP 8 million or GBP 9 million at the end of December. For 2027, management is forecasting significant year-on-year growth and positive EBITDA, with brokers consensus around mid to high 50s, while CRS Berlin is expected to contribute GBP 3 million of revenue and GBP 0.5 million of EBITDA in the four months owned, with an expected 10%-12% margin going forward and an aspirational 15% to 20%.Open Orphan Plc Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
64
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.85M | 46.77M | 62.73M | 56.04M | 48.48M | 36.86M |
| Gross Profit | -4.72M | -6.12M | 62.73M | 10.41M | 4.00M | 35.90M |
| EBITDA | -9.29M | 4.31M | 17.80M | 14.02M | 2.70M | 3.07M |
| Net Income | -12.34M | -5.99M | 10.65M | 16.11M | -776.00K | -74.00K |
Balance Sheet | ||||||
| Total Assets | 73.13M | 71.81M | 88.89M | 83.23M | 51.38M | 42.27M |
| Cash, Cash Equivalents and Short-Term Investments | 12.98M | 14.30M | 44.18M | 36.97M | 28.44M | 15.69M |
| Total Debt | 13.92M | 14.79M | 12.90M | 12.53M | 2.30M | 3.15M |
| Total Liabilities | 41.05M | 33.66M | 44.22M | 48.90M | 31.16M | 21.59M |
| Stockholders Equity | 32.08M | 38.16M | 44.67M | 34.33M | 20.22M | 20.68M |
Cash Flow | ||||||
| Free Cash Flow | -6.97M | -14.80M | 7.88M | 12.06M | 14.62M | -2.30M |
| Operating Cash Flow | -6.07M | -13.40M | 10.34M | 17.24M | 15.98M | -1.56M |
| Investing Cash Flow | -979.00K | -11.90M | -660.00K | -5.18M | -1.36M | -739.00K |
| Financing Cash Flow | -3.28M | -4.56M | -2.40M | -4.70M | -1.83M | -1.20M |
Open Orphan Plc Technical Analysis
Neutral
6.60
Price Trends
6.19
Negative
6.64
Negative
7.15
Negative
Market Momentum
-0.13
Negative
52.85
Neutral
52.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HVO, the sentiment is Neutral. The current price of 6.6 is above the 20-day moving average (MA) of 5.82, above the 50-day MA of 6.19, and below the 200-day MA of 7.15, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 52.85 is Neutral, neither overbought nor oversold. The STOCH value of 52.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:HVO.
Open Orphan Plc Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | £25.73M | -5.99 | -16.18% | ― | 13.04% | 15.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | £41.30M | -3.33 | -35.13% | 3.33% | -24.24% | -329.49% | |
43 Neutral | £294.51M | -6.63 | -1293.07% | ― | ― | ― | |
43 Neutral | £7.51M | -6.06 | -97.87% | ― | 7.38% | 44.13% | |
43 Neutral | £10.23M | -9.83 | -46.61% | ― | 28.35% | 57.14% | |
40 Underperform | £14.45M | -0.27 | -451.74% | ― | 33.37% | 86.41% |
* Healthcare Sector Average
GB:HVO
Open Orphan Plc
6.00
-0.58
-8.81%
GB:AVCT
Avacta Group plc
60.50
-9.50
-13.57%
GB:IXI
IXICO plc
11.75
0.50
4.44%
GB:OBD
Oxford BioDynamics
0.11
-0.21
-66.56%
GB:FAB
Fusion Antibodies Plc
6.00
-7.50
-55.56%
GB:APTA
Aptamer Group Plc
0.30
-0.52
-64.02%
Open Orphan Plc Corporate Events
Business Operations and StrategyExecutive/Board Changes
hVIVO reshapes board with new non-executive appointment
Positive
Sep 22, 2026
hVIVO plc has announced changes to its board as part of the continuing evolution of its governance, appointing Caroline Shaw, CBE as an independent non-executive director from 1 October 2026, with responsibility for chairing the remuneration commi...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
hVIVO Orderbook Surges as CRS Berlin Deal Positions Group for 2027 Growth
Positive
Sep 15, 2026
hVIVO reported interim revenue of £16.3 million for the first half of 2026, down from £24.2 million a year earlier, and an adjusted EBITDA loss of £4.5 million, reflecting a planned second‑half weighting of activity and timing...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
hVIVO Announces CFO Retirement and Interim Successor Amid Growth Push
Positive
Sep 15, 2026
hVIVO plc has announced a planned change in its financial leadership, with long-serving Chief Financial Officer Stephen Pinkerton set to retire at the end of September 2026 after a decade at the company. Non-executive director Richard Cotton, an e...
Business Operations and StrategyFinancial Disclosures
hVIVO Sets Date for Interim Results and Schedules Analyst and Investor Events
Neutral
Sep 4, 2026
hVIVO plc, the global leader in human challenge clinical trials and a full‑service clinical development partner to major biopharma companies, will publish its interim results for the six months to 30 June 2026 on 15 September. The company op...
Business Operations and StrategyM&A Transactions
hVIVO expands into dermatology and women’s health with acquisition of CRS Berlin
Positive
Aug 27, 2026
hVIVO has acquired CRS Clinical Research Services Berlin, a specialist Phase I/II unit focused on dermatology and women’s health, in a deal structured with a nominal upfront payment and a three-year revenue-based earnout. The Berlin site, wh...
Business Operations and StrategyFinancial Disclosures
hVIVO Orderbook Doubles as Second-Half-Weighted Revenue Drives Growth Outlook
Positive
Jul 23, 2026
hVIVO reported first-half 2026 revenue of £16.3 million, down from £24.2 million a year earlier, and expects 2026 earnings to be heavily second-half weighted, with adjusted EBITDA turning positive in H2 after a negative mid-single digit ...
Business Operations and StrategyRegulatory Filings and Compliance
hVIVO appoints Grant Thornton as new auditor after tender
Positive
Jul 13, 2026
hVIVO plc has appointed Grant Thornton UK LLP as its new auditor following a competitive tender process, replacing Gravita Audit II Ltd with effect for the financial year ending 31 December 2026. The company plans to seek shareholder approval to r...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.