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.
LONDON: share prices rose more modestly than the rest of Europe, with markets closed for a holiday on May 4, and the FTSE 100 up just 1.8%. There was a startling 39.2% leap for little Vernalis, after the biotech firm announced a placing and open offer of new ordinary shares (Marketletter May 4). AstraZeneca was down a sharp 6.4%, although it reported first-quarter figures that beat consensus forecasts (see page 5). GlaxoSmithKline saw a 3% dip, on evidence that drug stocks were not benefiting as defensive plays in rising markets. Shire was 6.2% lower, despite hitting the headlines on speculation that it might dispose of its attention-deficit hyperactivity disorder drug franchise.
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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.
LONDON: share prices rose more modestly than the rest of Europe, with markets closed for a holiday on May 4, and the FTSE 100 up just 1.8%. There was a startling 39.2% leap for little Vernalis, after the biotech firm announced a placing and open offer of new ordinary shares (Marketletter May 4). AstraZeneca was down a sharp 6.4%, although it reported first-quarter figures that beat consensus forecasts (see page 5). GlaxoSmithKline saw a 3% dip, on evidence that drug stocks were not benefiting as defensive plays in rising markets. Shire was 6.2% lower, despite hitting the headlines on speculation that it might dispose of its attention-deficit hyperactivity disorder drug franchise.
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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