Shares in Leverkusen-based chemicals and pharmaceuticals group Bayer are up almost 3% on the Xetra stock exchange today. As the company has recently aroused the interest of investors again with good news, the share price has risen again by 7% since the price low on December 6.
Since the Monsanto takeover, the group has been repeatedly embroiled in court cases in connection with the allegedly carcinogenic weed killer glyphosate. Now Bayer has won a second legal victory in California, where a jury has ruled that the drug could not have been the cause of a woman’s cancer. In the past, the company has lost such lawsuits several times and had to pay damages as a result.
Another piece of news that helped cause the share price to rise is the success of a clinical trial of the prostate cancer drug Nubeqa. The cancer drug recently achieved an important milestone: patients with a specific form of prostate cancer achieved significantly longer survival rates than standard therapy. Bayer now hopes to achieve sales of more than one billion euros per year with the drug.
In relation to these events, the major Swiss bank UBS raised its price target and other banks also confirmed a positive outlook for the share price. The price has been in a long-term downtrend since 2015, which has been maintained this year. After recovering to €73 following the corona crash in March 2020, the stock then fell to €40 by October of the same year. This year, the stock showed little strength for most of the year, briefly reaching €57 in May before falling to €44. After the price respected this support level, the file now rose again to €47.
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