Veloxis Falls as Danske Sees Astellas Threat: Copenhagen Mover

Veloxis Pharmaceuticals A/S (VELO) fell the most in 11 days in Copenhagen trading after Danske Markets said the Danish maker of treatments for organ transplant patents faces pressure from a rival product by Astellas Pharma Inc. (4503)

Veloxis fell as much as 10 percent, the most since June 11, making it today’s second-biggest loser in the OMX Nordic Health Care Price Index of 57 companies. The stock lost 7.4 percent to 0.63 krone at 10:50 a.m. in the Danish capital with trading volume at 92 percent of the three-month daily average.

Astellas said July 19 that the U.S. Food and Drug Administration has approved Astagraf XL, the Tokyo-based company’s treatment against organ rejection in kidney transplant patients. Danske today lowered its price estimate on Veloxis shares, saying Astagraf XL will be a direct competitor to the Hoersholm, Denmark-based drug maker’s LCP-Tacro treatment.

“We grow more concerned about the U.S. market potential, where Veloxis plans to launch LCP-Tacro on its own,” Danske said in a note.

The bank cut its share price estimate to 0.7 krone and repeated a hold recommendation on Veloxis. Danske’s previous price target was 0.8 krone, according to data compiled by Bloomberg.

To contact the reporter on this story: Christian Wienberg in Copenhagen at

To contact the editor responsible for this story: Tasneem Brogger at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.