BB Biotech AG : Post Q1 2020 update: Neutral rating reiterated – target price of € 64
>Q1 affected by the COVID-19 pandemic - Last Friday, BB Biotech published its Q1 2020 results, with the holding company share having fallen 14.8% in € and 15.7% in CHF in the quarter, reflecting the market sell-off as a result of the COVID-19 pandemic (variations including the payment of dividends). The portfolio performance was a decline of 22% in CHF, 20.1% in € and 21.4% in $ resulting in a net loss of CHF 758m in the period (vs +CHF 890m in Q1 2019). Note that the...Co.'s principal activity is to invest in biotechnology companies globally. The investments are held through its wholly-owned subsidiaries: Biotech Focus N.V., Biotech Invest N.V., Biotech Target N.V., and Biotech Growth N.V., all of which are located in Curacao. Co. acquires holdings in companies in the biotechnology growth market. The focus of the holdings is on quoted companies that are concentrating on the development and marketing of innovative medicines. For the selection of holdings, Co. relies on fundamental analysis by physicians and molecular biologists.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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