Revenio Group Oyj advanced to close to a five-year high in Helsinki trading after Inderes Oy analysts highlighted the growth potential of its eye-pressure measuring equipment in the screening for glaucoma.
Revenio shares added 4.6 percent at 3:20 p.m. in the Finnish capital, rising to 68 euro cents, the highest price since May 2008. The volume of shares was triple the average number traded daily over the past three months.
“The company’s biggest potential is in its product that allows for cost-effective, fast and easy screening for glaucoma globally,” Mikael Rautanen, an analyst at Inderes, said by phone today. “With existing technologies, glaucoma is usually detected by accident.”
Revenio’s Icare unit, the maker of the tool used in measuring eye pressure, is worth more than the combined value of Revenio shares, Rautanen said in a note today. He recommends clients buy the stock and raised his price estimate on Revenio shares to 85 cents from 65 cents, representing 25 percent upside on today’s price.
Icare is winning customers for its new method of measuring intra-ocular pressure and about 75 million people globally aren’t aware they have glaucoma, Inderes said.
Revenio Group, based in Vantaa, Finland, also has other units, including logistics services, telemarketing and boat manufacturing. While Revenio commissioned the Inderes report, it doesn’t pay for recommendations on the stock, Rautanen said.