Alor Broker has released an analytical study on Gemabank (IMCB, MOEX: GEMA), indicating a "buy" recommendation with a target price of RUB 199.4 per ordinary share.
According to the analysts, the current penetration rate of stem cell preservation services in Russia is 0.34% of the birth rate. This is a low figure by global standards; for comparison, the average penetration rate in Europe is approximately 2.8 %, and in the United States it is about 3.0 %. In a moderate scenario, Alor Broker's experts expect the penetration rate in Russia to reach 0.68% by 2034. The introduction of stem cell-based therapies, increased media coverage, flexible pricing, and deeper partnerships between biobanks and maternity hospitals and clinics are expected to drive penetration, consistent with the global experience.
Gemabank maintains a leading position in both the number of stored samples and the collection of new samples, with an estimated 45 % share of the personal sample storage market. Experts believe that Gemabank can sustain its share of the annual storage volume, allowing it to gradually increase its overall sample storage market share. By 2034, Gemabank's share of total stored samples is projected to reach 40 %, and 50 % for personal storage.
Alor Broker analysts highlight Gemabank's leadership not only in the number of preserved samples but also in revenue, noting one of the strongest competitive positions in terms of pricing, geographic coverage, and service offerings.
The company operates the most extensive regional network (85 cities and 1,260 maternity hospitals), including all major urban centers in the country. Gemabank's regional presence is significantly larger than that of any competitor (approximately 38 % of regional clients), and in many cities, it is the only biobank.
The rising demand for cord blood preservation is being driven by the increasing number of practical applications of stem cells for the treatment of serious diseases, as well as extensive media coverage of these applications, both in Russia and abroad.
To date, 65 successful transplantations have been performed using cord blood samples preserved at Gemabank, including procedures conducted abroad.
The full report is available here.
IMCB (Gemabank), a biotechnology company within Artgen Biotech Group (MOEX: ABIO), focuses on personal stem cell banking and the development of gene therapy drugs targeting blood and immune system disorders.