Olainfarm Jumps to Record as Drugmaker Profit Soars: Riga Mover

AS Olainfarm, a Latvian drugmaker with sales in 30 countries, extended record gains after its third-quarter profit surged 49 percent from a year earlier.

The shares rose as much as 5.5 percent today in Riga and closed up 2.9 percent at 3.53 lats, the highest since trading began in 1998. Volume of 9,947 shares was the equivalent of 212 percent of the three-month daily average, according to data complied by Bloomberg.

Olainfarm has climbed 5.1 percent since it reported on Nov. 30 that net income increased to 2.7 million lats ($5 million) in the third quarter. The company said new purchasing policies helped it boost profitability.

Swedbank raised its price estimate for Olainfarm (OLF1R) to 4 lats from 3.7 lats on Dec. 5 and kept its strong buy recommendation for the stock.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net