Another eventful week for the Nordic healthcare stocks with AI going through the roof

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

Last week was driven by insider trades in Gubra, Genmab, and Zealand Pharma. Further, Scandion Oncology and SynAct Pharma announced the development of clinical results. Finally, the best-performing healthcare stocks in the Nordics were driven by, not surprisingly, positive study results and a proclaimed major AI development.

10 of the 21 Danish companies had a positive share price development the past week and 8 companies have had a positive share price performance year-to-date. Y-mAbs Therapeutics is still the best-performing Danish healthcare stock year-to-date with a 158% return and Gabather AB was the best Nordic investment last week. The Nordic sector is again in a negative trajectory.

Stay tuned to the developments of impact companies and stocks in the Nordics with the NORDIC | IMPACT newsletter that helps you to invest more sustainably in the businesses of tomorrow.



The exercise period for warrants in Acarix started last week and runs until 20 March. If the warrants are fully exercised Acarix will receive MSEK 22.6 before costs. (Link)

Ascendis Pharma

Ascendis Pharma to Participate in the Leerink Partners Global Biopharma Conference 2024 (Link)


Biosergen publishes prospectus due to rights issue of units (Link)


No news the past week

CS Medica

No news the past week


Notice of Annual General Meeting 2024 (Link)

Evaxion Biotech

No news the past week


No news the past week


No news the past week


A board member bought 7,000 shares at USD 27.78 for the U.S. ADS. (Link)


A board member bought 889 shares at DKK 215.33. (Link)

Initiator Pharma

No news the past week

IO Biotech

IO Biotech Announces 2023 Fourth-Quarter and Year-End Results (Link)

IO Biotech Announces Acceptance of Abstract to be Presented at the 2024 American Association for Cancer Research (AACR) Annual Meeting (Link)

Pila Pharma

No news the past week


No news the past week

Scandion Oncology

Scandion Oncology reports second confirmed partial response in the Phase IIa CORIST Part 3 trial (Link)

SynAct Pharma

SynAct Pharma announces outcomes of the independent audit of the 4-week RESOLVE P2a clinical trial in Rheumatoid Arthritis (Link)


No news the past week

Zealand Pharma

A board member sold 1,000 shares at DKK 739 (Link)

Y-mAbs Therapeutics

Y-mAbs Appoints Oncology Executive Mary Tagliaferri, M.D. to its Board of Directors (Link)


No news the past week



On average, the Danish biotech and healthcare stocks delivered a negative share price performance of the past week of 0.8%. It was a week heavily influenced by insider buys in Gubra and Genmab. Zealand Pharma rose 13% although a board member sold shares but is probably due to increased interest from the week before last week, where they presented groundbreaking results in liver disease. Scandion Oncology did well following additional results from their Phase IIa CORIST Part 3 trial. Please note that the table below shows the development of last week. Therefore, SynAct Pharma’s outcome of the 4-week RESOLVE phase IIa trial cannot be seen in the numbers yet, but the stock is currently falling 7% on the news. The best stocks year-to-date are Y-mAbs Therapeutics, Zealand Pharma, and Gubra with 90-158% increases after ten weeks of trading. Overall the Danish biotech and healthcare stocks are in positive territory this year with a year-to-date return of 8.1%.

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) rose 0.9% to 61.17. The index was recovering from its all-time low in October of 57.12 but has since been on a downward trajectory. In the past 12 months, the index 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 down more than 20%.

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.

55-106% in weekly return for the three best-performing Nordic biotech & healthcare stocks the past week

Gabather AB (106%) (Nordnet) focuses on developing drug candidates for the treatment of nerve diseases. Particular focus is on the stimulation of gamma-aminobutyric acid, which is the main inhibitory neurotransmitter in the brain. The drug candidates are today patented on a global level. The increase came following positive initial results from the EEG/fMRI target engagement study (Link).

CodeLab Capital AS (105%) (Nordnet) is a Norwegian company that owns several companies in the healthcare sector including PatientSky App, Uniscale, 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 announced an AI achievement, “Uniscale AS has achieved a remarkable achievement by, to our knowledge and analysis, being the first in the world to successfully develop Domain Driven AI technology for Programming, marking a monumental advancement in the realm of artificial intelligence.” (Link)

Stenocare A/S (55%) (Nordnet) specializes in the development of medical cannabis. Stenocare is one of the first players to start selling medicinal cannabis oils in Denmark. In the future, the company will also turn to other European markets with its product range.

Sources: Refinitiv Eikon, Cision, Nordnet & company websites


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