reports
- Martin Hall
Hardman & Co Healthcare Index: 2025 – Index rose, but another tough ye...
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. After three years of annual declines, the HHI rebounded 17.6% to 469.1 in 2025. While this sounds positive, it was below the strong performance of most major UK healthcare stocks and, in general, it underperformed its UK and peer benchmarks: FTSE 100 (+21.5%); FTSE All-Share (+19.8%); and the NASDAQ Biotech Index (NBI; +32.4%). Th...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2025
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
CLBX CELLBXHEALTH PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
- Martin Hall
Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5...
CLBX CELLBXHEALTH PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
SNG SYNAIRGEN PLC
IPO IP GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
TXG 10X GENOMICS INC CLASS A
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
Z29 TISSUE REGENIX GROUP PLC
029 GROUP SE
Hybridan Small Cap Feast - 1 October 2024
1st October 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential**** Initial Public Offerings: ITF announced: 18th September 2024: GenIP aims to list on the AIM market on 2 October 2024. It is targeting to raise £1.5m and anticipating a £6.5m market cap. G...
- Martin Hall
Hardman & Co Insight: Survival of the UK life sciences sector
For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway...
ETX E-THERAPEUTICS
AGY ALLERGY THERAPEUTICS PLC
AVO ADVANCED ONCOTHERAPY
YGEN YOURGENE HEALTH
ALNOV NOVACYT SAS
C4XD C4X DISCOVERY HOLDINGS
REDX REDX PHARMA
GDR GENEDRIVE
GSK GLAXOSMITHKLINE PLC
AZN ASTRAZENECA PLC
CTEC CONVATEC GROUP PLC
RENE RENEURON GROUP
0008964D INDIVIOR INC
IMCR IMMUNOCORE HOLDINGS ADS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
TRX TISSUE REGENIX GROUP PLC
- Martin Hall
Hardman & Co Healthcare Index: 2023 – Capital demands dent performance
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (...
CLBX CELLBXHEALTH PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ETX E-THERAPEUTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
APH ALLIANCE PHARMA PLC
AVO ADVANCED ONCOTHERAPY
OXB OXFORD BIOMEDICA PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
SN/ IMMUPHARMA
IMM PROTEOME SCIENCES PLC
PRM GENUS PLC
GNS SURGICAL INNOVATIONS GROUP PLC
SUN ADVANCED MEDICAL SOLUTIONS GROUP PLC
AMS OXFORD METRICS
OMG ECO ANIMAL HEALTH GROUP
EAH SDI GROUP
SDI HVIVO
HVO INDIVIOR PLC
INDV VALIRX
VAL SHIELD THERAPEUTICS
STX SYNAIRGEN PLC
SNG IP GROUP
IPO SCANCELL HOLDINGS
SCLP SYNCONA
SYNC ERGOMED
ERGO SPIRE HEALTHCARE GROUP PLC
SPI REDX PHARMA
REDX ASSURA PLC
AGR GENEDRIVE
GDR SPIRE INC
SR CONVATEC GROUP PLC
CTEC DESTINY PHARMA
DEST RENEURON GROUP
RENE IXICO
IXI 10X GENOMICS INC CLASS A
TXG INDIVA LTD
NDVA IMMUNOCORE HOLDINGS ADS
IMCR 2SEVENTY BIO INC
TSVT OXFORD NANOPORE TECHNOLOGIES PLC
ONT SILENCE THERAPEUTICS PLC
SLN SAREUM HOLDINGS PLC
SAR BENEVOLENTAI
BAI 123FAHRSCHULE SE
123F 1895 BANCORP OF WISCONSIN INC
BCOW TISSUE REGENIX GROUP PLC
PLP.H 3D SIGNATURES INC
Z29 029 GROUP SE
Ergomed strongly positioned for future growth in new partnership with ...
Ergomed strongly positioned for future growth in new partnership with Permira PRESS RELEASE Ergomed strongly positioned for future growth in new partnership with Permira Permira completes acquisition of Ergomed for £703.1 millionThrough this partnership, Permira will support Dr. Miroslav Reljanović and the team in Ergomed’s next phase by accelerating the growth of the businessInvestment to focus on commercial expansion, technology and strategic M&A Guildford, UK and London, UK – 14 November 2023: Ergomed plc ("Ergomed") and Permira Advisers LLP ("Permira"), are pleased to announce the c...
Allergy Therapeutics: 1 director
A director at Allergy Therapeutics bought 247,935,057 shares at 1.00p and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
Artificial intelligence in UK biopharma and healthcare 11/09/2023
Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel...
- Liberum Research Team
- Liberum Research Team
Hybridan Small Cap Feast - 19 Apr 23
19 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Sean Conroy
Ergomed - Solid FY22 marked by broad-based growth
Ergomed reported FY22 results broadly in line with our expectations. Group revenues grew 22.5% y-o-y to £145.3m, underpinned by sustained demand for both the CRO and PV segments and supported by the ADAMAS acquisition and foreign exchange benefit. Adjusted EBITDA rose 11.5% y-o-y, although margins were comparatively lower (19.5% versus 21.4% in FY21) due to previously flagged incremental investments in technology and senior management hires. The order book remained robust at £295m (up 23.1% over...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Edward Thomason
- Seb Jantet
LIBERUM: Ergomed - An interesting buying opportunity
The recent prelims showed that Ergomed isn’t immune to the downturn, with organic revenue growth rates lower than expected. Some variability isn’t unusual, and our analysis of the order book suggests that Ergomed has a good shot of hitting market expectations. However, it does mean that forecast risk for FY23E is higher than usual. Given Ergomed’s revenue dynamics, a good start to the year is crucial, and the initial signs are encouraging - we should know the FY23E outturn by June’s AGM. We rema...
Hybridan Small Cap Feast - 27 Mar 23
27 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Liberum Research Team
- Liberum Research Team
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