NORDIC | BIOTECH & HEALTHCARE Your insights into listed Danish & Nordic biotech & healthcare stocks.
In the past week, the Danish biotech and healthcare sector rose 4%. Most notably, Evaxion received a grant from the Gates Foundation to design a new vaccine for polio, SynAct Pharma raised MSEK 37 via a directed rights issue, and Gubra announced a dividend of DKK 1 billion, which is more than half of the market value at the IPO just two years ago. Finally, 2CureX continues to skyrocket, rising 60% in the past week. The stock is now up more than 10x year-to-date, which has propelled the YTD return for the Danish biotech and healthcare sector to 49.8%, while the return is -6.6% without 2CureX.
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 in 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.
FDA accepted CNP NDA for priority review for TransCon, while the company also delivered positive phase 2 trial data in children with Achondroplasia.
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
No news in the past week
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.
No news in the past week
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 exercise period for Curasight’s TO3 warrants has started and will continue until June 18. However, the exercise price is DKK 15,55, which is significantly higher than the current stock price, thus, no warrants are expected to be exercised.
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 in 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 received a grant from the Gates Foundation to design a new polio vaccine. The company did not report the size of the grant.
ExpreS2ion provides protein production technologies for vaccine development and has its own pipeline. Key stock drivers include pipeline progression and licensing agreements.
No news in the past week
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 in 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.
JP Morgan lowered its price target from DKK 1,700 to 1,500, while Genmab also announced reported encouraging data for Rina-S regarding anti-tumor activity in heavily pretreated patients with advanced endometrial cancer in phase I/II RAINFOL-01 trial.
Gubra offers preclinical contract research services and develops treatments for metabolic diseases. Key stock drivers are partnerships and progress in their internal drug pipeline.
Gubra has recommended a dividend of DKK 1 billion following its partnership for Amylin.
Initiator Pharma develops treatments for erectile dysfunction and neuropathic pain. The main stock catalyst is the outcome of clinical trials.
Initiator Pharma’s rights issue of MSEK 56 starts this week. The rights issue is 86% secured and runs from June 12-26 2025.
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 in 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.
No news in the past week
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.
No news in the past week
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
SynAct Pharma has carried out a directed share issue raising MSEK 37 at a subscription price of SEK 16. Following the rights issue, the company refined its development strategy for lead compound resomelagon (AP1189).
ViroGates provides prognostic products for acute care settings to improve patient triage. Stock drivers include hospital adoption rates and revenue growth.
No news in the past week
Y-mAbs Therapeutics develops antibody-based therapies for pediatric cancers. Stock performance is driven by regulatory approvals and commercialization efforts.
Y-mAbs Therapeutics presented GD2-SADA PRIT trial in progress poster at the Advances in Neuroblastoma Research Meeting of 2025
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 its late-stage pipeline and partnerships are key stock price influencers.
Zealand Pharma submitted a marketing authorization application to the European Medicines Agency for glepaglutide in short bowel syndrome.
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 in the past week
The latest share price developments for the Danish biotech stocks
On average, the Danish biotech and healthcare stocks delivered a 4% return. Most notably, 2cureX rose 60%, and the stock has now delivered a more than 10X return year-to-date. Ascendis Pharma experienced positive development for TransCon, Evaxion received a grant from the Gates Foundation to design a new polio vaccine, SynAct Pharma raised MSEK 37, and Gubra recommended a dividend of DKK 1 billion, which corresponds to more than half of their market value, when the company was listed just two years ago. Finally, JP Morgan lowered its price target of Genmab from DKK 1,700 to DKK 1,500.
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.
Spectracura AB is raising capital; you can participate!
SpectreCure AB focuses on cancer treatments using medical devices with laser light sources and photoreactive drugs called “interstitial photodynamic therapy”, PDT, to target solid tumors. The company wants to raise MSEK 84, and the subscription period runs until June 19, 2025.
Curasight is also ongoing with its subscription period for TO3 warrants. However, as previously said, the subscription price is DKK 15,55, which is significantly higher than the stock price, resulting in no incentive to subscribe for shares.