NORDIC | BIOTECH & HEALTHCARE Your insights into listed Danish & Nordic biotech & healthcare stocks.
In the past week, the Nordic biotech and healthcare stocks rose 5.2%. 2Curex rose a whopping 59% without any news. The week was dominated by earnings releases and CEO predictions for 2025. Furthermore, Kempen released new price targets for Gubra and Zealand Pharma. Finally, Curasight’s MDKK 100 capital raise has started with a significant discount. See the ongoing offerings at the end of this post.
Latest news for the Danish biotech companies
Acarix AB has developed a technology to identify heart diseases. Moving forward, product sales are the main driver for the stock.
No news the past week
Ascendis Pharma develops so-called prodrugs, which are medications that start in an inactive form and become active once inside the body. The main stock price driver going forward is the development and commercialization of its TransCon technology.
Ascendis Pharma reported Q1 earnings (link). Revenue for YORVIPATH and SKYTROFA rose to MEUR 44.7 and 51.3, respectively. The company plans to do a market authorization application for TransCon CNP in Q3 2025.
Biosergen is developing BSG005 to treat serious and life-threatening fungal infections safely and with limited side effects, contrary to current drugs. The main price triggers are centered around product development and the ongoing clinical trials
Biosergen released its annual report for 2024. In the CEO letter, Tine Olesen says, “In 2025, we remain fully dedicated to advancing the development of BSG005 at full speed.” (Link)
Cessatech develops pain treatments for children. The company is finalizing its phase 3 study for its lead candidate, and the main price driver will be the commercialization for this product.
Cessatech announced recruitment of its Paediatric Study 0202 is complete with topline results are expected within 3-6 weeks. EMA submission process can be initiated for CT001 and to be submitted later this year.
Curasight is focused on diagnosing (uTRACE) and treating cancer (uTREAT) through targeted radionuclide therapy. The benefit is treating cancer at the cellular level without harming healthy cells. The main driver of the stock moving forward is the financing of the portfolio as well as pipeline and partnership development. You can read our full investment case here (in Danish).
The subscription period of Curasight’s rights issue of MDKK 100 has begun. The subscription price is DKK 1.98. The stock trades at 2.16 and the theoretical stock price is DKK 3.72. Read more here.
DanCann Pharma focuses on discovering, developing, and producing medical cannabis for pain and neurological conditions. The stock price drivers are regulatory progress and sales development.
No news the past week
Evaxion Biotech develops personalized immunotherapies and vaccines, with recent advancements in their cancer vaccine candidate EVX-01. Clinical trial outcomes and technological innovations currently drive the stock price.
Evaxion said 80% of the EVX-01 vaccine targets trigger a tumor-reactive immune response and data has been presented at the AACR annual meeting.
ExpreS2ion provides protein production technologies for vaccine development and has its own pipeline. Key stock drivers include pipeline progression and licensing agreements.
Expres2ion Biotech released its annual report for 2024, and said its focus for 2025 is to obtain positive Phase I clinical data for ES2B-C001.
Fluoguide develops tumor-targeted products that make cancer visible on imaging solutions to improve cancer surgery outcomes, especially within brain and head & neck cancer surgery. The main stock driver is the clinical validation of their imaging technology and additional partnerships.
No news the past week
Genmab focuses on creating differentiated antibody therapeutics for the treatment of lymphatic leukemia and solid tumors. Genmab has developed Darzalex, with sales of nearly USD 12 billion in 2024. The stock performance is primarily driven by product sales and pipeline developments.
Genmab is about to submit supplemental applications to the FDA for Epcoritamab Plus Rituximab and Lenalidomide (R2) in patients with relapsed/refractory follicular lymphoma.
Gubra offers preclinical contract research services and develops treatments for metabolic diseases. Key stock drivers are partnerships and progress in their internal drug pipeline.
Kempen has lowered its price target from DKK 1,200 to DKK 900.
Initiator Pharma develops treatments for erectile dysfunction and neuropathic pain. The main stock catalyst is the outcome of clinical trials.
Initiator Pharma released its annual report for 2024.
IO Biotech is developing immune-modulating therapies for cancer, with a focus on conditions like melanoma. Stock performance is driven by clinical trial advancements.
No news the past week
Pila Pharma is working on TRPV1 antagonists aimed at treating type 2 diabetes. Early clinical data and funding developments are key stock drivers.
Pila Pharma moves forward with PP-CT03 clinical trial application to evaluate XEN-D0501 in patients with obesity and diabetes.
Saniona focuses on ion channel-targeted therapies, including rare eating disorders. The main stock driver is the progression of their clinical pipeline and the approval of the weight loss drug Tesofensine in Mexico.
Saniona released its annual report for 2024 as well. The focus of 2025 is on the advancement of its clinical programs (Link)
Scandion Oncology is developing treatments to overcome chemotherapy resistance in cancer patients. The company has recently faced significant financial challenges, thus, financial stability is the main driver for the stock price.
No news in the past week
SynAct Pharma develops drugs targeting inflammatory diseases through melanocortin pathways. Clinical milestones significantly influence stock performance
No news in the past week
ViroGates provides prognostic products for acute care settings to improve patient triage. Stock drivers include hospital adoption rates and revenue growth.
No news the past week
Y-mAbs Therapeutics develops antibody-based therapies for pediatric cancers. Stock performance is driven by regulatory approvals and commercialization efforts.
No news the past week
Zealand Pharma specializes in peptide-based treatments for metabolic and gastrointestinal diseases. The stock has seen increased awareness following the obesity hype, and advancements in their late-stage pipeline and partnerships are key stock price influencers.
Kempen lowered its price target from DKK 900 to DKK 750, and Zealand Pharma will release its Q1 earnings on May 8.
2cureX offers the IndiTreat platform for individualized cancer treatment testing. The main stock driver is the adoption of their technology by hospitals and subsequent sales growth.
No news the past week
The latest share price developments for the Danish biotech stocks
On average, the Danish biotech and healthcare stocks rose 5.2%. 2cureX delivered a whopping 59% return without any news. Further, four companies released their annual reports with a CEO letter in each of them, with exciting insights for 2025 and beyond. Cessatech announced a positive recruitment advancement, while Kempen lowered its price target for Gubra and Zealand Pharma. Finally, Curasight declined 61% amid their capital raise of MDKK 100, with a subscribtion price of DKK 1.98. Read more below.
Overview of share price development in the past week, year-to-date, and the last twelve months

DanCann Pharma does not appear on the list due to data issues.
AcouSort, Alzinova, and Curasight are raising capital; you can participate!
AcouSort AB is a Danish-led medtech company that develops automated solutions for handling biological samples, such as blood samples for diagnostics and patient treatment. AcouSort has already developed several research instruments and is raising 34.1 MSEK to establish an OEM partnership. 73% of the issue is secured, and the subscription period runs out today. You can read more about AcouSort and other rights issues at Nyemission.dk (in Danish)
Alzinova AB is a Swedish biopharmaceutical company in clinical development specializing in the treatment of Alzheimer’s. Alzheimer’s is one of the most common and devastating neurological diseases, affecting around 40 million people worldwide. The main purpose of the issue is to raise capital to finalize preparations of the company’s lead vaccine candidate, ALZ-101, ahead of an upcoming clinical study while ongoing partnership discussions with large pharmaceutical companies are ongoing. The company will raise MSEK 35.7 before issue costs, and the last day of subscription is May 6, 2025.
Curasight A/S is a Danish biotech company listed on the Swedish stock exchange. Curasight focuses on diagnosing (uTRACE) and treating (uTREAT) cancer in a more gentle and effective way than conventional methods. Both products are injected into the bloodstream, where they bind to uPAR receptors found only in cancer cells. uTRACE is used to identify cancer cells via a PET scanner, while uTREAT emits radiation that kills cancer cells with a limited and thus gentle irradiation. Curasight will raise MDKK 100 for significant clinical studies, of which 47% is secured, and the subscription period runs until May 16.