Cosmo Surges as Forecast Exceeds Analyst Estimate: Zurich Mover
Cosmo Pharmaceuticals SpA (COPN), the Italian company whose bowel-disease drug won U.S. approval this month, rose the most in more than two years after forecasting sales that were almost double an analyst’s estimate.
Cosmo jumped as much as 16 percent in Zurich, the biggest intraday advance since September 2010. The stock was up 10 percent at 42 Swiss francs as of 11:57 a.m., giving the Lainate, Italy-based company a market value of 630 million Swiss francs ($681 million). The number of shares traded was more than 48,000, about five times the daily average for the past three months.
Santarus Inc. (SNTS), which bought U.S. marketing rights for Uceris in 2008, won approval for the drug as a treatment for ulcerative colitis this month. The clearance is a “watershed” that “will vastly increase our revenue potential,” Cosmo founder and Chief Executive Officer Mauro Ajani said in a statement today. The company expects sales of 67 million euros ($90 million) this year and 108 million euros in 2014, it said.
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