RE: Shard broker note published20 Oct 2025 13:10
Broker note:
► Investment case. In our assessment, Fusion is significantly undervalued relative to its peers. While its current market capitalisation is finally picking up, with share price up nearly 250% since same time last year, we believe that this does not adequately reflect the investments made or the underlying platform technologies, such as OptiMAL®, OptiPhage™, and AI/ML-Ab™. We anticipate this will be reflected over time, and the latest trading statement indicates a much-improved outlook and a stronger foundation for Fusion.