Genmab and Cessatech with study updates, 80% premium offer for Calliditas, Gubra keeps going

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

Last week, the KPHC rose 3.8%, while the Danish healthcare stocks rose 3.6%. Genmab presented new study results, Cessatech reported dosing of the first patient in a study with CT001, FluoGuide selected a laser system for their photothermal cancer therapy solution with the use of FG001. Finally, Calliditas Therapeutics is about to be acquired at an 80+% premium.

11 of the 22 Danish healthcare companies had a positive share price development the past week and 10 companies have had a positive share price performance year-to-date. Gubra is the best-performing Danish healthcare stock year-to-date with a 162% return and Amniotics was the best Nordic healthcare investment last week.

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



Acarix welcomes Jeff Thomas as new Head of US Sales (Link)

Ascendis Pharma

Ascendis to Spotlight Latest Updates for TransCon™ Rare Endocrinology Disease Portfolio at ENDO 2024 (Link)


Biosergen publishes interim report for first quarter 2024 (Link)


Cessatech reports first patient dosed in final Safety Study 0202 of lead product candidate CT001 (Link)

CS Medica

CS MEDICA receives 2 MDKK to support its short-term financial obligations (Link)


No news the past week

DanCann Pharma

DanCann Pharma publishes Q1-2024 Report (Link)

Evaxion Biotech

No news the past week


No news the past week


FluoGuide selects laser system for photothermal cancer therapy with FG001 (Link)

FluoGuide A/S publishes interim report for the period January – March 2024 (Link). Read our take in Danish here: Link


DNB lowered their price target from DKK 2,630 to 2,600.

Investigational Acasunlimab (DuoBody® -PD-L1x4-1BB) in Combination with Pembrolizumab Demonstrates Meaningful Clinical Activity in Phase 2 Trial in Patients with Previously Treated Metastatic Non-small Cell Lung Cancer (mNSCLC) (Link)

Preliminary Analysis of Data Evaluating Investigational Epcoritamab (DuoBody® CD3xCD20) Combination Demonstrates 95% Overall Response Rate in Patients with Previously Untreated Follicular Lymphoma (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


Saniona publishes its interim report for the first quarter of 2024 (Link)

Scandion Oncology

Scandion Oncology publishes prospectus relating to the rights issue (Link)

SynAct Pharma

SynAct Pharma publishes Q1 2024 interim results (Link)


No news the past week

Zealand Pharma

Zealand Pharma announces positive CHMP opinion for dasiglucagon for treatment of severe hypoglycemia in diabetes from European Medicines Agency (Link)

Y-mAbs Therapeutics

Y-mAbs Announces New Interim Analysis of Phase 2 Data for Naxitamab at 2024 ASCO Annual Meeting (Link)

Y-mAbs Announces Publication of Preclinical GD2-SADA Data at 2024 ASCO Annual Meeting (Link)





On average, the Danish biotech and healthcare stocks delivered a positive share price performance the past week of 3.6% compared to 3.8% for the KPHC index. Saniona became the best-performing Danish healthcare stock with a 23% increase. Notably, the high return did not come amidst the release of their Q1-report but rather in the following trading days. 2cureX also did well with a 22% increase. The stock rose 22.6% on May 30 with a turnover of just SEK 1,730. Genmab presented different study results and also received a new price target. Cessatech reported dosing of the first patient in study with CT001. Fluoguide fell slightly despite the company announcing selection of laser system for their photothermal cancer therapy solution with the use of FG001. CS Medica fell 15% following a short-term financing solution secured by founder.

The best stock year-to-date is Gubra followed by Pila Pharma with 162-94% increases after the first 5 months of trading. Overall the Danish biotech and healthcare stocks are in positive territory this year with a year-to-date return of 8.2%.

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

Scandion Oncology is not shown in this week’s newsletter due to a data inconsistency.


In the past week, the all-Nordic index Kapital Partner Nordic Healthcare Index (KPHC) rose 3.8% to 66.63. The index has had a strong performance since the end of April and continues to recover from its all-time low in October of 57.12. In the past 12 months, the KPHC 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 around 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.

160-63% in weekly return for the three best-performing Nordic biotech & healthcare stocks the past week

Amniotics AB (160%) specializes in the research and development of various drug candidates. The product portfolio includes, for example, stem cell-based therapies for the treatment of serious life-threatening diseases, where effective treatment is lacking or insufficient. In addition to the main business, service and associated ancillary services are also offered. The stock rose following news of a merger with Magle Group (Link).

Calliditas AB (82%) specializes in the research and development of medical products, particularly aimed at treating kidney and liver diseases. Examples of specialist areas include squamous cell carcinoma, autoimmune hepatitis, and nephropathy. The stock rose following a bid from Asahi Kasei of SEK 208 per share corresponding to a 83% premium.

Ectin Research AB (63%) specializes in research and development of drug candidates. The research is focused on developing drugs that aim to eliminate cancerous tumors in patients, with the greatest focus on the treatment of bladder cancer. In addition, the company intends to develop drugs for the treatment of breast, colorectal and prostate cancer cells.

Sources: Refinitiv Eikon, Cision, Nordnet & company websites


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