On 2 January 2015, Medigene shares started the year trading at an opening price of €3.65. The closing price on the same day was €3.75 which marked the low for the year. In the first few months of 2015, Medigene shares mirrored the TecDAX and the Nasdaq Biotechnology index performance before they significantly outperformed them towards the end of the year. The Medigene shares closed 2015 at a share price of €8.70, which represented an increase of 138% on the year’s opening price. The company value of Medigene AG in terms of market capitalisation rose from €63 m at the end of 2014 to €171.2 m at the end of 2015.
In the financial year 2015, an average number of 140,618 shares were traded per day. This represents a threefold increase compared to the previous year’s average trading volume (2014: 44,273 shares). The highest daily turnover with a volume of 2,052,077 shares was achieved on 25 March 2015 at the time of publication of the figures for 2014 and one day after announcement of the start of Medigene’s first own DC trial. Another peak in trading at 753,859 was recorded on 7 July 2015, the day after the successful completion of the capital increase was announced.
Analysts from renowned financial institutions in Germany and abroad cover Medigene. They analyse the company, technology and drug candidates in detailed studies. At the start of 2016, one of four analysts recommended buying Medigene shares while two analysts’ recommendation was to hold the stock. All analysts increased Medigene’s fair value several times in the course of 2015. Target prices ranged from €9.00 to €14.00 at the beginning of 2016.
|FINANCIAL ANALYSTS WHO COVERED MEDIGENE IN STUDIES DURING 2015|
|Edison Investment Research Limited||Christian Glennie and Tim Franklin, |
from February 2016 Dr Linda Pomeroy
|Helvea SA / Baader Bank Group||Dr Olav Zilian (until August 2015), from 2016 Dr Bruno Bulic|
|Independent Research |
Unabhängige Finanzmarktanalyse GmbH
|Dr Christoph Schöndube |
|Oddo Seydler Research AG||Igor Kim|
In 2015, Medigene was proactive in its investor relations activities, informing investors, financial analysts and the business media about the Company’s new direction and ongoing developments at Medigene. In addition to press and analyst conferences, Medigene gave interviews to relevant specialised media and held investor meetings in Germany and abroad. In particular, Medigene met with a large number of investors on roadshows in the USA and Europe as part of the capital increase and provided information about the Company’s development and business strategy. Company presentations at several investor conferences highlighted Medigene’s presence in the international capital market.
|MEDIGENE PRESENTED TO INVESTORS WITHIN THE FRAMEWORK OF VARIOUS CONFERENCES IN 2015:|
|JP Morgan Healthcare Conference||San Francisco|
|Kempen 8th Healthcare/Life Science Conference||New York|
|BioEquity Europe 2015||Vienna|
|BIO International Convention||Philadelphia|
|Baader Investment Conference||Munich|
|Jefferies Autumn 2015 Global Healthcare Conference||London|
In 2015, more Medigene AG shares were held by institutional and international investors than by private investors. At year-end 2015, approximately 39% of the shares issued were held by private investors (2014: 49%) and around 57% by institutional investors (2014: 46%). Compared with the previous year, shareholdings of the Executive Board and Supervisory Board were slightly down at 3.5% in total (2014: 4.7%), which is as a result of new shares being issued as part of the capital increase. Following the significant increase in the number of institutional investors in 2015, the proportion of shareholders with a share of less than 3% (free float) decreased to approx. 56% (2014: 77%). This trend reflects consistent continuation of the strategy of increasing the proportion of institutional investors with larger stocks of shares. At the start of 2013, free float was at 83.50%.
At year-end 2015, around 45% of the Medigene shares issued (2014: 56%) were held by shareholders in Germany. The share of U.S. investors rose sharply in 2015 to approximately 28% (2014: 3%). Investors in the UK held approximately 12% of the Company’s shares at the end of 2015 (2014: 19%). The percentage of shareholders in Switzerland amounted to approximately 5% at the end of 2015 (2014: 6%). At the same time, shareholders in Taiwan and the Benelux countries held around 4% of the shares each (2014: 6% and 5% respectively) while Austrian investors had a share of around 2% in Medigene in 2015 (2014: 4%).
1) As at 31 December 2015, rounded, based on Medigene AG information and estimates
|WKN – Securities identification number||A1X 3W0|
|ISIN - International Securities Identification Code||DE000A1X3W00|
|Common Code||1107 3026|
|CUSIP||993 906 FV5|
|Market segment||Prime Standard|
|Indices||Prime All Share, |
|Traded on||XETRA, Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hanover, Munich and Stuttgart|
|Designated Sponsors||ODDO SEYDLER BANK AG, |
Baader-Helvea Equity Research /Baader Bank AG
|KEY SHARE DATA |
|Year opening price||3.65||3.53|
|Year-end closing price||8.70||3.72|
|Weighted average number of shares (basic, no.)||16,808,501||12,210.949|
|Average daily turnover (no.)||140,618||44,273|
|Average market capitalisation (€ m)||129||63|
|Total number of shares in circulation (31 Dec.)||19,678,628||13,927,428|
|Earnings per share1) (basic and diluted)||-0.80||-0.41|
|Equity per share1)||4.55||3.52|
|Net cash from/used in operating activities per share1)||-0.54||-0.63|
|Free float2) (in %)||56||77|
|1) Reference figure: total number of shares in circulation |
2) Shareholding below 3%. Source: Medigene AG