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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  GlaxoSmithKline plc    GSK   GB0009252882

GLAXOSMITHKLINE PLC

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COVID-19 vaccine developer CureVac shares more than triple after U.S. debut

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08/14/2020 | 10:16pm EDT
FILE PHOTO: Employee Philipp Hoffmann, of German biopharmaceutical company CureVac, demonstrates research workflow on a vaccine for the coronavirus (COVID-19) disease at a laboratory in Tuebingen

Shares of German biotechnology firm CureVac BV soared as much as 222% after their Nasdaq debut on Friday, in the first stock market opening of a company developing a potential vaccine to combat the novel coronavirus.

The stock opened at $44 per share and hit a session high of $51.48 in early trade, compared with the initial public offering (IPO) price of $16 per share.

CureVac Chief Executive Officer Franz-Werner Haas said with the listing, the company now has about a billion euros of cash on hand to develop its vaccine candidate and to expand manufacturing capacity in order to meet global demand.

"What we've seen so far is very promising, we are very confident."

Haas said the company expects to put its vaccine on the market by mid-2021, adding CureVac is in talks with governments around the world for potential purchase agreements.

He said the company was not in talks with the White House, which on Tuesday announced a $1.5 billion deal with competitor Moderna for 100 million doses of its vaccine candidate.

Earlier on Friday, CureVac sold 13.33 million shares at $16 apiece, the top end of its indicated price range of between $14 and $16 per share, raising $213.3 million in the IPO.

"Investors can't get enough COVID vaccine stocks and CureVac's vaccine will likely be favored by the German government," said Kathleen Smith, principal at Renaissance Capital, a provider of institutional research and IPO ETFs.

The company in June started an early-stage coronavirus trial in healthy volunteers, results for which are expected in the final quarter of 2020.

In June, the German government took a 23% stake in CureVac for about $343 million. A month later, GlaxoSmithKline and the Qatar Investment Authority also bought a stake in the company.

By Rebecca Spalding and Noor Zainab Hussain

Stocks mentioned in the article
ChangeLast1st jan.
GLAXOSMITHKLINE PLC 1.24% 1474.4 Delayed Quote.-17.12%
MODERNA, INC. 6.60% 69.47 Delayed Quote.255.16%
NASDAQ COMP. 2.26% 10913.561787 Delayed Quote.18.94%
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Financials
Sales 2020 34 931 M 44 519 M 44 519 M
Net income 2020 4 771 M 6 081 M 6 081 M
Net Debt 2020 22 678 M 28 903 M 28 903 M
P/E ratio 2020 14,5x
Yield 2020 5,43%
Capitalization 73 391 M 93 225 M 93 536 M
EV / Sales 2020 2,75x
EV / Sales 2021 2,62x
Nbr of Employees 99 437
Free-Float 91,3%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 1 879,17 GBX
Last Close Price 14,74 GBX
Spread / Highest target 15 839%
Spread / Average Target 12 645%
Spread / Lowest Target 10 413%
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Managers
NameTitle
Emma N. Walmsley Chief Executive Officer & Executive Director
Jonathan Richard Symonds Non-Executive Chairman
Iain James Mackay Chief Financial Officer & Executive Director
Karenann K. Terrell Chief Digital & Technology Officer
Hal V. Barron Executive Director & Chief Scientific Officer
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