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Circassia Pharmaceuticals PLC (GB:NIOX)
LSE:NIOX
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Circassia Pharmaceuticals (NIOX) AI Stock Analysis

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Circassia Pharmaceuticals

(LSE:NIOX)

Rating:67Neutral
Price Target:
0.50p
▼(-99.30%Downside)
Circassia Pharmaceuticals demonstrates strong financial performance and positive technical trends, which are offset by concerns about high valuation and potential risks from recent corporate developments. Strategic initiatives and growth in key sectors support the stock's potential, but investors should be cautious of overvaluation.
Positive Factors
Financial Performance
NIOX's fiscal year trading update confirms another solid period of growth, with revenues increasing by 14% to £41.8 million, in line with consensus expectations.
Mergers and Acquisitions
NIOX has announced it has received a possible 81p/share all-cash offer from Keensight Capital valuing the business at £322m.
Operational Efficiency
Stronger-than-expected operational leverage saw adjusted EBITDA grow by 21% to £13.8 million, exceeding consensus estimates.
Negative Factors
Macroeconomic Environment
Keensight Capital has announced that it does not intend to make a firm offer for the business at this stage due to the current uncertain macroeconomic environment.
Share Price Volatility
A level of weakness in the share price is anticipated due to recent newsflow and share price action related to it.

Circassia Pharmaceuticals (NIOX) vs. iShares MSCI United Kingdom ETF (EWC)

Circassia Pharmaceuticals Business Overview & Revenue Model

Company DescriptionNIOX Group Plc engages in the design, development, and commercialization of medical devices for the measurement of fractional exhaled nitric oxide (FeNo) worldwide. Its products include NIOX VERO, a non-invasive and point-of-care system that comprises a small portable device and a range of consumables, including sensors, individual disposable mouthpieces, and breathing handles for the measurement of FeNo level in patients. The company was formerly known as Circassia Group Plc and changed its name to NIOX Group Plc in September 2022. NIOX Group Plc was incorporated in 2006 and is headquartered in Oxford, the United Kingdom.
How the Company Makes MoneyCircassia Pharmaceuticals generates revenue through the sale and distribution of its NIOX products. These devices are sold to hospitals, clinics, and healthcare providers worldwide, who use them to assist in the diagnosis and management of asthma. The company benefits from recurring revenue through the sale of test kits and consumables necessary for the ongoing use of the NIOX devices. Additionally, Circassia may engage in partnerships and collaborations with other healthcare and pharmaceutical companies to expand its market reach and enhance its product offerings. Revenue is also influenced by global healthcare trends, regulatory approvals, and the adoption of FeNO testing in clinical practice.

Circassia Pharmaceuticals Financial Statement Overview

Summary
Circassia Pharmaceuticals shows solid financial health with strong revenue growth, robust cash flow management, and improved profitability metrics, although recent fluctuations in net profit margins and ROE warrant attention.
Income Statement
78
Positive
Circassia Pharmaceuticals has demonstrated strong revenue growth over the past years, with a notable increase from $23.9M in 2020 to $41.8M in 2024. The Gross Profit Margin has been consistently high, reaching 72.25% in 2024. However, the Net Profit Margin shows some volatility, having decreased from 29.08% in 2023 to 8.85% in 2024. The company has improved its EBIT Margin from negative values in earlier years to 18.42% in 2024, indicating better operational efficiency.
Balance Sheet
72
Positive
The company maintains a strong equity position with an Equity Ratio of 86.99% in 2024, suggesting financial stability and low reliance on debt. The Debt-to-Equity Ratio is low at 0.03, reflecting prudent financial management. However, the Return on Equity has decreased from 12.76% in 2023 to 6.22% in 2024, signaling a need for improved profitability relative to shareholder equity.
Cash Flow
85
Very Positive
Circassia exhibits robust cash flow management, with Free Cash Flow increasing significantly from $6.6M in 2022 to $16.2M in 2024. The company's Operating Cash Flow to Net Income Ratio is strong at 4.65, indicating efficient conversion of earnings into cash. The Free Cash Flow to Net Income Ratio is favorable at 4.38, highlighting effective cash generation relative to net income.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue41.80M36.80M31.30M27.90M23.90M
Gross Profit30.20M26.50M22.20M19.00M16.30M
EBITDA12.20M8.60M15.20M2.90M-9.10M
Net Income3.70M10.70M16.10M3.60M-33.50M
Balance Sheet
Total Assets68.40M91.50M98.50M86.40M103.10M
Cash, Cash Equivalents and Short-Term Investments10.90M19.90M19.40M12.60M7.40M
Total Debt1.50M1.10M1.00M1.30M1.60M
Total Liabilities8.90M7.70M16.60M19.60M37.00M
Stockholders Equity59.50M83.80M81.90M66.80M66.10M
Cash Flow
Free Cash Flow16.20M11.30M6.60M1.20M-24.40M
Operating Cash Flow17.20M11.60M6.70M1.40M-23.90M
Investing Cash Flow-1.00M-300.00K-100.00K-200.00K-500.00K
Financing Cash Flow-25.10M-10.50M-500.00K4.10M4.30M

Circassia Pharmaceuticals Technical Analysis

Technical Analysis Sentiment
Positive
Last Price71.00
Price Trends
50DMA
67.41
Positive
100DMA
66.08
Positive
200DMA
63.84
Positive
Market Momentum
MACD
1.03
Negative
RSI
59.43
Neutral
STOCH
75.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NIOX, the sentiment is Positive. The current price of 71 is above the 20-day moving average (MA) of 67.90, above the 50-day MA of 67.41, and above the 200-day MA of 63.84, indicating a bullish trend. The MACD of 1.03 indicates Negative momentum. The RSI at 59.43 is Neutral, neither overbought nor oversold. The STOCH value of 75.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:NIOX.

Circassia Pharmaceuticals Peers Comparison

Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
67
Neutral
£296.37M80.684.55%176.06%13.59%-66.27%
61
Neutral
£329.63M8.3811.74%38.80%
GBAPH
59
Neutral
$355.92M-5.04%-1.02%67.70%
54
Neutral
€7.55B-28.71-6.20%4.01%12.30%-43.05%
GBAGY
53
Neutral
£395.61M-369.20%4.50%74.32%
46
Neutral
£125.70M-73.02%
$526.64M-66.23%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:NIOX
Circassia Pharmaceuticals
71.00
8.14
12.95%
GB:AGY
Allergy Therapeutics
8.30
3.00
56.60%
GB:APH
Alliance Pharma
64.70
27.70
74.86%
GB:AVCT
Avacta Group plc
32.50
-40.00
-55.17%
GB:PRTC
PureTech Health
137.20
-33.00
-19.39%
OXBDF
Oxford BioMedica
5.01
0.53
11.83%

Circassia Pharmaceuticals Corporate Events

Business Operations and StrategyFinancial Disclosures
NIOX Group Reports Strong H1 2025 Performance Amid Strategic Focus
Positive
Jul 8, 2025

NIOX Group plc reported a robust performance for the first half of 2025, with a 20% increase in revenue driven by significant growth in both clinical and research sectors. The company achieved a 30% rise in adjusted EBITDA and maintained a strong balance sheet despite external challenges, such as the withdrawn Keensight bid. The growth in research revenue, attributed to increased clinical trial activity, exceeded expectations, although future demand remains uncertain. NIOX is optimistic about its strategic initiatives, including the launch of NIOX PRO® and further penetration of the US market, which are expected to sustain its growth trajectory.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Executive/Board ChangesPrivate Placements and Financing
NIOX Group Issues New Shares to Non-Executive Chairman
Neutral
Jun 26, 2025

NIOX Group plc, a company listed on AIM, has issued 144,844 new ordinary shares to Ian Johnson, the Non-Executive Chairman, under its Deferred Share Bonus Plan. This issuance relates to the annual bonus for the 2023 financial year, initially granted when Johnson was Executive Chairman. The deferral period for these shares was waived upon his transition to Non-Executive Chairman, allowing for the allotment of the shares. This transaction increases the total issued share capital of the company to 417,751,925 ordinary shares, impacting the voting rights and shareholding structure.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

M&A TransactionsBusiness Operations and Strategy
Rathbones Increases Stake in Niox Group PLC
Neutral
Jun 25, 2025

Niox Group PLC, a UK-based issuer, has experienced a change in its voting rights structure due to an acquisition by Rathbones Investment Management Ltd. The acquisition has increased Rathbones’ voting rights in Niox Group PLC to 10.5228%, up from a previous position of 8.6953%. This change in voting rights indicates a significant shift in shareholder influence within the company, potentially impacting its strategic decisions and stakeholder relationships.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Business Operations and Strategy
Niox Group PLC Shareholder Update: Rathbones Adjusts Voting Rights
Neutral
Jun 25, 2025

Niox Group PLC, a UK-based company, has announced a change in its shareholder structure, with Rathbones Investment Management Ltd adjusting its voting rights. As of June 23, 2025, Rathbones’ voting rights in Niox Group PLC decreased from 10.7058% to 8.6953%. This change reflects a strategic decision by Rathbones and may impact Niox Group’s shareholder dynamics and influence within the company.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
NIOX Group Announces Change in Voting Rights
Neutral
Jun 17, 2025

NIOX Group PLC, a company involved in the pharmaceutical industry, has announced a change in its total voting rights due to share activity related to the company and two of its directors. This notification was made by AstraZeneca PLC, which now holds 15.86% of the voting rights in NIOX Group, a decrease from the previous 16.997%. The adjustment in voting rights could impact the company’s governance and influence within the industry, potentially affecting its strategic decisions and stakeholder interests.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Regulatory Filings and Compliance
NIOX Group Updates Total Voting Rights Following Share Option Exercises
Neutral
Jun 2, 2025

NIOX Group plc, a company listed on AIM, has announced an update regarding its total voting rights. As of May 31, 2025, the company has 417,417,579 Ordinary Shares in issue, each carrying one voting right, with no shares held in treasury. Recent exercises of employee share options have resulted in the issuance of 735,050 new Ordinary Shares, which have been admitted via block listing and rank equally with existing shares. This update is relevant for shareholders calculating their interest in the company under FCA’s rules.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Regulatory Filings and Compliance
Niox Group PLC Announces Change in Voting Rights
Neutral
May 28, 2025

Niox Group PLC, a UK-based company, has undergone a change in its voting rights structure due to an acquisition or disposal by Danske Bank A/S, a financial institution based in Copenhagen, Denmark. The notification indicates that Danske Bank’s voting rights in Niox Group have decreased from 3.43072% to 2.99176%, as of May 23, 2025. This change reflects a shift in the company’s shareholder dynamics, potentially impacting its governance and decision-making processes.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Business Operations and Strategy
NIOX Group PLC Appoints New Sole Broker
Neutral
May 27, 2025

NIOX Group PLC has announced a change in its advisory team, with Singer Capital Markets now serving as the sole broker and continuing as the company’s Nominated Adviser. This strategic move is expected to streamline NIOX’s financial advisory services, potentially enhancing its market operations and positioning within the pharmaceutical industry.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Other
Niox Group PLC Announces Change in Voting Rights
Neutral
May 23, 2025

Niox Group PLC, a UK-based company, has experienced a change in the breakdown of its voting rights, as reported by Harwood Capital LLP. The notification indicates that Harwood Capital LLP’s voting rights in Niox Group have decreased from 17.8802% to 16.876%, reflecting a shift in shareholder influence.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Delistings and Listing Changes
NIOX Group Announces Block Listing of Shares on AIM
Neutral
May 21, 2025

NIOX Group plc, a company involved in the healthcare sector, has announced a block listing application for 1,207,893 ordinary shares to be admitted to trading on AIM. This move is associated with the exercise of options under the company’s Performance Share Plan Scheme 2019 and Save As You Earn Plan 2022. The admission of these shares is expected to take effect on 28 May 2025, and they will rank equally with existing shares, potentially impacting the company’s market presence and shareholder value.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Niox Group PLC Sees Major Shift in Shareholder Voting Rights
Neutral
May 21, 2025

Niox Group PLC, a UK-based company, has experienced a significant change in its shareholder structure. Rathbones Investment Management Ltd and Investec Wealth & Investment Limited have increased their voting rights in Niox Group PLC to 10.7058%, up from the previous 5.2724%. This acquisition of voting rights indicates a strategic move by these investment firms, potentially impacting the company’s governance and decision-making processes.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Business Operations and StrategyRegulatory Filings and Compliance
Niox Group PLC Announces Change in Major Holdings
Neutral
May 21, 2025

Niox Group PLC, a company involved in the pharmaceutical industry, has announced a change in its major holdings. Richard Griffiths and his controlled holdings have adjusted their voting rights in Niox Group PLC, resulting in a decrease from 8.91% to 5.96%. This change is attributed to the dilution on the issue of options and reflects a shift in the company’s shareholder structure, potentially impacting its governance and strategic decision-making.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Other
NIOX Group Directors Exercise Share Options and Adjust Shareholdings
Neutral
May 21, 2025

NIOX Group plc, a company listed on the AIM market, announced that its directors, Ian Johnson and Jonathan Emms, exercised share options awarded under the company’s Performance Share Plan. This exercise resulted in the issuance of 6,272,099 new ordinary shares and the transfer of 6,000,000 shares from treasury. To cover tax liabilities and other costs, the directors sold 6,670,555 shares at 65.0 pence each. The company’s issued share capital now consists of 416,682,529 ordinary shares, each carrying one voting right, with no shares held in treasury.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Product-Related AnnouncementsExecutive/Board ChangesBusiness Operations and StrategyFinancial Disclosures
NIOX Group Reports Strong Start to 2025 and Outlines Strategic Priorities
Positive
May 14, 2025

NIOX Group plc reported a strong start to 2025 with a 21% increase in sales, driven by significant growth in its research business due to increased clinical trial activity. The company is prioritizing the expansion of FeNO testing in the US, the launch of the NIOX PRO® device, and the development of a home-use device. Despite a one-off cost from a withdrawn bid and upcoming board changes, NIOX remains optimistic about its financial health and strategic direction.

The most recent analyst rating on (GB:NIOX) stock is a Buy with a £77.00 price target. To see the full list of analyst forecasts on Circassia Pharmaceuticals stock, see the GB:NIOX Stock Forecast page.

Shareholder MeetingsDividends
NIOX Group Announces Final Dividend Timetable for 2024
Neutral
Apr 24, 2025

NIOX Group plc, a company listed on the AIM market, has announced a timetable for its proposed final dividend for the financial year ending 31 December 2024. The dividend of 1.25 pence per share is subject to approval at the Annual General Meeting on 14 May 2025, with key dates including an ex-dividend date of 15 May 2025 and a payment date of 16 June 2025.

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.Date of analysis: Jul 08, 2025