Nicox SA jumped the most in two months after the pharmaceuticals company introduced its AdenoPlus test for acute conjunctivitis in the U.S.
The shares jumped as much as 8.9 percent, the most since Aug. 28, and were 5.1 percent higher at 2.61 euros as of 2:22 p.m. in Paris. The stock was the biggest gainer on the SBF120 index.
The company said today in a statement that AdenoPlus is its first product introduction since it announced plans to make forays into the opthalmic business.
“This achievement represents the first milestone in Nicox’s new strategy to become a commercial company focused on opthalmology,” Mathieu Chabert, an analyst with Bryan Garnier & Co. wrote in a report today. The analyst rates the stock a “buy,” and has a target price of 3 euros a share based on a “fair value from a sum of the parts.”
With the product, Nicox is “in a strong position to grow rapidly as a specialist opthalmic business,” Chairman and Chief Executive Officer Michele Garufi said in the statement.
Nicox’s 30-day historical volatility, a measure of stock swings, advanced to 31.9 at 2:23 p.m. from 29.2 the previous trading day. The SBF120 index’s 30-day volatility measure was at 19.2. A higher reading means the price of an asset can move dramatically in a short period.
About 2.6 million shares of Nicox traded, more than triple the average in the past three months.