Strong Stock Debt by Vaccibody – Flat on Børsen – E24

The Oslo Stock Exchange has a cautiously negative development shortly after the exchange opened, on a day when the government’s proposal for the state budget is in the limelight.

The leading index was down 0.07 percent in early trading.

Vaccibody, a newcomer to the stock market, focuses on Wednesday in relation to the listing of the company on Merkur Market. On Tuesday, the company’s share was traded on the gray market for NOK 62, while the first trade on Merkur Market was for NOK 69.

A few minutes later, the stock has pulled back a bit and is now trading at NOK 64. This is an increase of 3.23 percent. The stock is the second most traded on the Oslo Stock Exchange in early trading.

Therefore, the market value increases from 17.53 billion to 18.1 billion crowns.

The company stood out last week when it announced that it had signed Norway’s largest biotech deal with Genentech, which is part of the pharmaceutical giant Roche Group.

The deal will provide Vaccibody with up to NOK 6.7 billion, including upfront payments and impending installments of $ 200 million, and potential milestone payments of up to $ 515 million, in addition to progressive royalty payments on the sales of marketed products.

The events on the Stock Market come after Wall Street fell sharply Tuesday night after President Donald Trump said he would postpone negotiations on a new financial crisis package until after the presidential election. The news has also contributed to a mixed atmosphere in Asia at dawn.

Top-tier share falls 1.12 percent in early trading after company top manager Robert Hvide Macleod resigns. He is temporarily replaced by commercial director Lars H. Barstad.

The price of oil rose 0.98 percent to $ 42.30 a barrel at the opening of the stock market. That’s nearly 50 cents less than when Børsen closed Tuesday afternoon.