Gubra with improved outlook topping the charts, Danish stock to be delisted, sector continues positive trajectory

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

Last week, Gubra increased their financial outlook for 2024, Acarix received new orders, Pila Pharma received an innovation grant, while Genmab and Gubra also had new price targets. Finally, a Danish healthcare stock announced their plans to be delisted from Nasdaq First North.

9 of the 22 Danish healthcare companies had a positive share price development the past week and 9 companies have had a positive share price performance year-to-date. Gubra is the best-performing Danish healthcare stock year-to-date with a 170% return and Eurocine Vaccines was the best Nordic healthcare investment last week.

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Acarix secures a multi-unit order from major cardiology practice with several offices in Florida (Link)

CADScor System is now being utilized by Leading Cardiology Practice in the New York Capital Region (Link)

Ascendis Pharma

Latest Clinical and Quality-of-Life Data for TransCon™ PTH (Palopegteriparatide)-Treated Adults with Chronic Hypoparathyroidism to Be Presented at ECE 2024 (Link)


Biosergen publishes 2023 annual report (Link)


No news the past week

CS Medica

CS MEDICA Aligns Financial Priorities: Transition to Calendar Year 2024 Postponed (Link)


No news the past week

DanCann Pharma

No news the past week

Evaxion Biotech

No news the past week


No news the past week


No news the past week


Bernstein lowered their price target from DKK 1.662 to DKK 1.600.


Gubra raises financial outlook for 2024 (Link)

Trading statement Q1-2024: Strong start to the year (Link)

SEB increased their price target from DKK 215 to DKK 350.

Initiator Pharma

Q1 2024 results (Link)

IO Biotech

No news the past week

Pila Pharma



Saniona reports progress on pipeline and other activities (Link)

Scandion Oncology

Scandion confirms positive final Phase Ib data from PANTAX trial with SCO-101 (Link)

SynAct Pharma

No news the past week


No news the past week

Zealand Pharma

No news the past week

Y-mAbs Therapeutics

Y-mAbs Reports First Quarter 2024 Financial Results and Recent Corporate Developments (Link)


2CUREX AB has decided to a apply for a delisting of its shares on Nasdaq First North Growth Market in Stockholm – expected last day of trading by end of June (Link)



On average, the Danish biotech and healthcare stocks delivered a negative share price performance the past week of -2.1% compared to 2.6% for the KPHC index. Pila Pharma became the best-performer following recieval of an innovation grant. Acarix also did well after they got a multi-unit order from a major cardiology practice and Gubra raised their financial outlook for 2024 after a strong start of the year. Gubra now expects 15-20 organic revenue growth vs. 10-15% and an EBIT-margin of 28-31% vs. 25-28%. Finally, 2cureX announced decision to delistfrom Nasdaq First North, which the stock responded very negatively to.

The best stock year-to-date is Gubra followed by DanCann Pharma with 133-170% increases after the first 4.5 months of trading. Overall the Danish biotech and healthcare stocks are in positive territory this year with a year-to-date return of 8.3%.

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


The past week, the all-Nordic index Kapital Partner Nordic Healthcare Index (KPHC) rose 2.6% to 62.49. The index has had a strong performance since end up april, and continue 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.

36-98% in weekly return for the three best-performing Nordic biotech & healthcare stocks the past week

Eurocine Vaccines AB (98%) develops vaccine candidates from early innovation and licenses them to partners for further development and commercialization.  The activities are carried out in the bioscience cluster at Karolinska Institutet in Sweden. The stock rose following positive news in a company that Eurocine Vaccine is planning to do a reverse merger with (Link).

Hamlet BioPharma (40%) has developed a tumoricidal protein-lipid complex that mainly is used in the treatment of breast cancer, bladder cancer, as well as in cases of cancer that are hard to treat. The stock rose following positive news of IL1-RA potentially being a succssful treatment option (Link).

Redwood Pharma AB (39%) main focus is on the production of ophthalmic pharmaceuticals. The products contain active substances that are used in the treatment of dry eye disease (DED), characterised by dryness, pain, and burning. The disorder is caused by inflammation due to dysfunction of the glands as well as by the usage of contact lenses. The stock rose after two companies began due dilligence on RP501 ahead of potential commercial agreements.

Sources: Refinitiv Eikon, Cision, Nordnet & company websites


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