Cosmo Pharmaceuticals, Julius Baer, Zurich Financial: Swiss Equity Preview
The following is a list of companies whose shares may have unusual price changes in Zurich. Stock symbols are in parentheses after company names. Share prices are from the last close.
Cosmo Pharmaceuticals SpA (COPN SW): The company’s experimental ulcerative colitis medicine budesonide MMX met the primary endpoint of a late stage study. Cosmo will file the treatment for approval in the U.S. and Europe in 2011. The shares rose 1.1 percent to 18.20 Swiss francs.
Julius Baer Group Ltd. (BAER VX): Shares in the 120-year- old Swiss private bank were cut to “neutral” from “buy” at BofA Merrill Lynch Global Research. The shares added 0.6 percent to 41.52 francs.
Zurich Financial Services AG (ZURN VX): Switzerland’s largest insurer said it has exercised an option to redeem $1 billion of subordinated debt early. Zurich will redeem two so- called enhanced capital-advantaged preferred securities, or ECAPS, valued at $600 million and $400 million and issued in December 2005 by U.S. subsidiaries. The shares dropped 1.2 percent to 235.40 francs.
To contact the reporter on this story: Alexis Xydias in London at email@example.com.
To contact the editor responsible for this story: David Merritt at firstname.lastname@example.org.