July 22 (Bloomberg) -- Veloxis Pharmaceuticals A/S 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.
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.
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