Another eventful week for the Nordic healthcare stocks – up 10% after only five weeks!

NORDIC | BIOTECH & HEALTHCARE Your insights into listed Danish & Nordic biotech & healthcare stocks.

The Nordic biotech and healthcare stocks continue to create opportunities for investors with a risk appetite. Last week the Nordic biotech and healthcare stocks fell a bit, but it was another week with opportunity for big share price increases.

In the past week, Ascendis formed a new company for TransCon, Cessatech raised capital, Evaxion Biotech announced the pricing of its public offering, CS Medica got a new patent, SynAct Pharma announced a new strategic plan, and Genmab got a marketing application validated by EMA.

10 of the 20 companies had a positive share price development the past week and 10 companies have had a positive share price performance year-to-date. Y-mAbs Therapeutics is the best-performing Danish stock year-to-date with a 105% return and CodeLab Capital was the best investment last week.

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Ascendis Pharma

New Company Eyconis Formed to Develop Ascendis Pharma Ophthalmology Assets with $150 Million Commitment from External Investors (Link)

Ascendis Pharma Launches 2nd TransCon™ Product: YORVIPATH® Now Available in Germany and Austria for Adults with Chronic Hypoparathyroidism (Link)

Ascendis Pharma to Report Full Year 2023 Financial Results and Provide Business Update on February 7, 2024 (Link)


Notice of Extraordinary general meeting in Biosergen AB (Link)


Cessatech announces result of warrant exercise for warrants of series TO2(Link)

CS Medica

CS MEDICA A/S Achieves New Milestone with Patent on their Wound Care Treatment (Link)


No news the past week

Evaxion Biotech

Evaxion Biotech Announces Pricing of $15 Million Public Offering (Link)


No news the past week


No news the past week


Tisotumab Vedotin Marketing Authorization Application Validated by European Medicines Agency for Treatment of Recurrent or Metastatic Cervical Cancer (Link)


No news the past week

Initiator Pharma

No news the past week

IO Biotech

No news the past week

Pila Pharma

No news the past week


No news the past week

Scandion Oncology

No news the past week

SynAct Pharma

SynAct Pharma announces its 2024 strategic plan and milestones (Link)

SynAct Pharma expands its Rheumatology Clinical Advisory Board with three new highly experienced advisors (Link)

SynAct Pharma appoints Kirsten Harting as Chief Medical Officer (Link)


No news the past week

Zealand Pharma

No news the past week

Y-mAbs Therapeutics

No news the past week


No news the past week



On average, the Danish biotech and healthcare stocks delivered a negative share price performance of the past week of -1.2%. The most notable news was Ascendis Pharma which formed Eyconis together with an investor syndicate to develop, manufacture, and commercialize TransCon globally. The company will be eligible to receive development, regulatory, and sales milestone payments of up to $248 million, plus single-digit royalties on global net sales of commercialized products, if any. Furthermore, Cessatech raised 17.1 MDKK before costs from their warrants of series TO2, while Evaxion Biotech intends to raise 15 MUSD. CS Medica received a patent on their wound care treatment, Genmabs Tisotumab Vedotin received marketing application validated by EMA, and SynAct Pharma announced a new strategic plan for 2024.

The best stocks year-to-date are Y-mAbs Therapeutics, CS Medica, and Expres2ion Biotech Holding with 63-105% increases already after five weeks of trading. Overall the Danish biotech and healthcare stocks are in positive territory this year with a year-to-date return of 10%.

Read more about Curasight (in Danish): Positive studiedata mod lungekræft styrker Curasights stærke kursudvikling

Overview of share price developments the past week, year-to-date, and last twelve months


In the past week, the all-Nordic index Kapital Partner Nordic Healthcare Index (KPHC) fell 1.4% to 64.16 and the index is slowly continuing its recovery from the all-time low in October of 57.12. In the past 12 months, it has significantly underperformed relative to large caps, while the venture/small cap Kapital Partner Nordic Growth Exchanges index (KPNGX) has followed the KPHC index’s downward trajectory.

The index development for Kapital Partner Healthcare Index the past 12 months

The KPHC index includes all Nordic healthcare stocks. This means both Novo Nordisk and Genmab as well as Curasight.

40-50% in weekly return for the three best-performing Nordic biotech & healthcare stocks the past week

CodeLab Capital AS (50%) (Nordnet) is a Norwegian company that owns several companies in the healthcare sector including PatientSky App, Hove Medical, and Infodoc. The software is self-developed and is mainly used in health and care for follow-up and analysis. In addition to the main business, various value-added services are offered. Last week the company issued 5 million shares to acquire Acerat Limited.

Aptahem AB (49%) (Nordnet) conducts research and development of aptamer-based pharmaceuticals for the treatment of acute conditions caused by sepsis, blockage of blood vessels, stroke, and heart failure. Through early treatment, the pharmaceutical is intended to prevent damage to organs and tissue. A large part of the research is carried out in collaboration with partners within the industry. Last week the company raised 13.8 MSEK before costs.

Lipum AB (40%) (Nordnet) is in the clinical phase and specializes in the discovery and development of new treatments for chronic inflammatory diseases. The company’s drug candidate is based on an antibody intended to be used in treatments to block a specific molecule in the immune system. The drug candidate is in the clinical phase with preclinical data for rheumatism. The company is also evaluating other inflammatory diseases.

Sources: Refinitiv & Nordnet


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