Swedish Orphan Jumps as Jefferies Sees Promise: Stockholm MoverNiklas Magnusson
Swedish Orphan Biovitrum AB rose the most in more than 10 months in Stockholm trading after Jefferies LLC said the biopharmaceutical company has “under-appreciated potential” and advised clients to buy the stock.
The shares jumped as much as 11 percent to 57.5 kronor, their steepest intraday advance since Oct. 31 and the highest intraday price ever. The stock rose 4.4 percent to 54 kronor as of 10:10 a.m. local time, with trading volume at 77 percent of the daily average in the past three months.
Jefferies analysts Eun Yang and Eileen Flowers initiated coverage of Stockholm-based Swedish Orphan with a buy recommendation and a share-price estimate of 90 kronor. The stock is now rated buy or the equivalent by eight out of 11 banks or brokers that share their ratings with Bloomberg. Two analysts have hold ratings and one advises clients to sell. The average share-price estimate is 65.2 kronor.
“Swedish Orphan Biovitrum focuses on rare diseases with biologics manufacturing capability,” the New York-based Jefferies analysts said in a note to clients. “With current commercial franchise providing valuation support, SOBI’s late-stage biologics are poised to offer significant medium-/long-term upside potential.”