Cosmo Shares Advance After Dye Gets U.S. Patent
Cosmo Pharmaceuticals SpA (COPN) gained the most in eight months after the Italian drugmaker said it got a patent in the U.S. for a dye to test for intestinal diseases.
Cosmo jumped as much as 11 percent to 67 Swiss francs in Zurich, the biggest intraday advance since Jan. 28, and was up 8.2 percent at 11:52 a.m. local time. The stock has doubled this year, giving the Lainate, Italy-based company a market value of 982 million francs ($1.1 billion). More than 25,000 shares were traded today, almost twice the daily average for the past three months.
The drugmaker will begin a final-phase clinical trial on the dye, called Methylene Blue MMX, in November after receiving the go-ahead from the European Medicines Agency for the study, Cosmo said today in a statement.
Canaccord Genuity Corp. raised its rating on Cosmo to buy from hold, with a price estimate of 73.40 francs a share.
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