EUROPEAN: bourses started in negative mood, largely on profit-taking, but then moved higher ahead of the May 1 holiday and again on the last reporting day, May 4, buoyed by a recovery in bank and financial issues. PARIS saw a strong performance from Ipsen, which was boosted by the news of US Food and Drug Administration approval of Dysport, a botulinum toxin to treat cervical dystonia and wrinkles (see page 28), as well as gaining after the firm reported good first-quarter results (page 6), leaving the stock 8.5% higher. Sanofi-Aventis outperformed the CAC 40, rising 5%, also after posting results that were ahead of consensus estimates (Marketletter May 4) and getting an upgrade from JP Morgan analysts. There was a negative reaction in FRANKFURT to financials reported last week by Bayer, which dipped 1.5%, while fellow German drug major Merck KGaA eased 0.4%. None of the drug stocks outperformed, with the best showing, a 4.2% rise, coming from Evotec, on no particular news.
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A biotechnology company, based in China, developing car-t-based therapeutics for haematological and metabolic and endocrine diseases with a focus on addressing unmet medical need.
Stock Commentary - Europe - week to May 4, 2009
EUROPEAN: bourses started in negative mood, largely on profit-taking, but then moved higher ahead of the May 1 holiday and again on the last reporting day, May 4, buoyed by a recovery in bank and financial issues. PARIS saw a strong performance from Ipsen, which was boosted by the news of US Food and Drug Administration approval of Dysport, a botulinum toxin to treat cervical dystonia and wrinkles (see page 28), as well as gaining after the firm reported good first-quarter results (page 6), leaving the stock 8.5% higher. Sanofi-Aventis outperformed the CAC 40, rising 5%, also after posting results that were ahead of consensus estimates (Marketletter May 4) and getting an upgrade from JP Morgan analysts. There was a negative reaction in FRANKFURT to financials reported last week by Bayer, which dipped 1.5%, while fellow German drug major Merck KGaA eased 0.4%. None of the drug stocks outperformed, with the best showing, a 4.2% rise, coming from Evotec, on no particular news.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
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