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Ultimovacs: – Total breakdown: – Crisis

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Ultimovacs: – Total breakdown: – Crisis

i The summary is made by ChatGPT and approved by Børsen. Close

To make a long story short

  • Biotechnology company Ultimovacs is experiencing a dramatic drop in the stock market after their main study on mole cancer showed that the vaccine they have tested has no significant effect.
  • The stock plunged more than 90 percent, which means that millions of the fortune of the biggest investors, including billionaires Rune Gjelsten and Stein Erik Hagen, are disappearing.
  • This is a big disappointment as the market had great faith in a breakthrough in cancer treatment from the company.
  • Sea view

    Biotechnology company Ultimovacs should be a success on the Stock Exchange, and well-known investors have invested heavily in the company.

    Billionaires Rune Gjelsten and Stein Erik Hagen’s companies are the largest owners with 18.8 percent and 7.9 percent respectively.

    The company does research on cancer, among other things, and there has been great excitement about a major study on mole cancer that was published on Tuesday morning.

    The case is mentioned by, among others DN and E24.

    Dark clouds: – Quite anemic

    Stuper: – Dramatic

    The results have sent the company into a tailspin on the Stock Exchange, and trading was automatically stopped at the opening. Just before 10 o’clock trading opened and the share plunged over 90 per cent.

    – This has been dramatic, unfortunately. In short, we received the results from the company’s main study, which is within mole cancer. There it turns out that the vaccine they have tested has no significant effect. This was very bad news, and in a sense the worst possible outcome, says biotech analyst at DnB Markets, Geir Hiller Holom, to Børsen.

    Stein Erik Hagen has no comment on the matter, and refers to the administration in Canica.

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    – It is a setback, but fortunately this is not the only study we are running, says Ultimovacs CEO Carlos de Sousa to DN.

    He goes on to refer to the results from the next study in the third quarter.

    CRISIS TALL: Ultimovacs debuted on Oslo Børs in March 2019. Now they are plummeting. Photo: Thomas Brun / NTB Show more

    Since the company went public in March 2019, the success has been adventurous. The market has believed that there was a high probability that Ultimovacs could make a breakthrough in cancer treatment.

    – This is a flawed study. It also means that confidence that the vaccine will have an effect in other forms of cancer is significantly weakened. This is a crisis for the company, says Hiller Holom.

    MAJOR OWNER: Stein Erik Hagen’s investment company Canica is the second largest shareholder in Ultimovacs. Photo: Terje Pedersen / NTB Show more

    For the biggest investors, today’s stock market plunge means that millions of their wealth evaporates.

    – It is clear that when you invest in biotech, you know that there is a significant chance that this will not succeed. It’s part of the game. At the same time, you can say that things were pointing towards a positive outcome, and therefore there are many people who are surprised and disappointed today, says the analyst.

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