Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.12, read 2026-11-03
Ethical passes the values gate
Price50.95 USD
Fair value63.05
Ethical score97.4/100
Value readUndervaluedas of 3 Nov 2026
Our investment reviews on this name
2026-11-03Read Markdown50.81+0.3% to today Accumulation gives way to Markdown after a 5% slide in 4 days
2026-10-30Read Accumulation53.67-5.1% to today Distribution gives way to Accumulation after a 10% slide in 3 weeks
2026-10-11Read Distribution59.49-14.4% to today ✓Markdown gives way to Distribution
2026-10-02Read Markdown59.49-14.4% to today ✓Markup gives way to Markdown after a 104% rise in 13 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Eton Pharmaceuticals, Inc. holds its Markdown at $50.95. Consolidating, no directional conviction, held for 6 days.
As held on the ledger · 2026-11-03
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 6 days
Price at the screen
$50.95
Valuation
127.90 trailing · 20.06 forward price to earnings
Values screen
PASS· score 97.4
Beta
0.90
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
3.79%
Below 33%
Interest-bearing debt is just 3.8% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
3.16%
Below 33%
Cash held in interest-bearing accounts and securities is 3.2% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
1.59%
Below 5%
Only 1.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Eton Pharmaceuticals, clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 4%, inside the ~33% line, and interest is about 2% of its income, under the ~5% line, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when ETON's ethical verdict changes
Today ETON passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 3 Nov 2026: it trades at roughly a 19% discount to our $63.05 fair value, weak competitive moat, 98.60% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. A 19.2% discount to the base estimate.
Every family chasing treatment for a rare growth disorder or adrenal shortfall ends up relying on smaller players like Eton that fill gaps left by big pharma. Revenue is climbing 40% as the firm commercialises products such as Increlex and Alkindi Sprinkle, yet it still runs at a 2% negative profit margin and negative 5% ROE. At 22.5 times forward earnings the shares sit just below our fair value of 44.93 against a 42.32 price, and the ethical screen clears cleanly.
The business model hinges on orphan-drug niches where competition stays limited for now, and four analysts carry a strong-buy consensus with a 48 median target. Weak moat leaves room for larger entrants, but the growth trajectory and positive margin of safety mark a clear opportunity versus broader sector names.
Execution risk remains high while losses persist and returns on equity stay negative. Any delay in new launches or reimbursement pressure could widen those gaps quickly. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; as a drug manufacturers - specialty & generic name, trial and regulatory outcomes can move it sharply either way.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
ETON trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markdown$50.95+0.3%Entry 15
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.3% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 44% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markdown · changed$50.81-2.6%Entry 14
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.6% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 44% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Accumulation$52.18+0.0%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 44% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Accumulation$52.18+0.0%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 44% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Accumulation$52.18-2.8%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 2.8% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 44% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.6% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 44% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$51.33+0.0%Entry 9
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 48% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43.
2026-10-18Distribution$51.33-13.7%Entry 8
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 13.7% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 60% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 60% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43.
2026-10-02Markdown · changed$59.49-3.2%Entry 6
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.2% since our last review. Ethical screening: PASS with near-perfect ethical score. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B. Technically it is holding around 60% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 100%. Our forward projection puts the odds of a 10% gain over the next month near 53%. The street (3 analysts) rates it strong buy, with a mean price target of $43.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
