STOCKHOLM - Calliditas Therapeutics AB, a biopharmaceutical company, will be delisted from Nasdaq Stockholm, with the final day of trading set for October 10, 2024. This announcement was made public through a press release distributed on Monday.
The company, based in Stockholm, Sweden, specializes in the development and commercialization of novel treatments for orphan indications, which are conditions with a high unmet medical need. Calliditas Therapeutics' shares are currently traded on Nasdaq Stockholm under the ticker symbol CALTX.
The decision for delisting marks a significant transition for the company, although the press release did not specify the reasons behind the move. Shareholders and investors are to observe the specified last day of trading on the exchange, after which the shares will no longer be available for trading on Nasdaq Stockholm.
The press release did not elaborate on any future plans for Calliditas Therapeutics regarding alternative listings or over-the-counter trading options. It's also unclear how this delisting might affect the company's operations or its stakeholders.
Investors seeking further details or clarification are directed to contact Åsa Hillsten, the Head of Investor Relations and Sustainability at Calliditas.
This news comes as part of a press release statement issued by the company and does not include any additional commentary or speculation on the potential implications for the company's future or the broader biopharmaceutical market.
As of now, Calliditas Therapeutics has not provided any further information on the strategic considerations that led to the decision to delist from the Nasdaq Stockholm exchange.
In other recent news, Asahi Kasei Corporation has acquired over 90 percent of Calliditas Therapeutics AB's shares, initiating a series of corporate actions including the delisting of Calliditas' common shares from Nasdaq Stockholm and its American Depositary Shares from the Nasdaq Global Select Market. Calliditas also announced the full marketing authorization from the European Commission for its drug Kinpeygo for adults with primary immunoglobulin A nephropathy, based on the results from the Phase 3 NefIgArd clinical trial. In addition, the company secured a US patent for its method of treating solid tumors resistant to PD-1 inhibitor immunotherapy, set to expire in 2039.
On the financial front, Calliditas reported a total revenue of SEK295.5 million for the first quarter, which did not meet the consensus estimate. Following a recent tender offer from Asahi Kasei, several financial firms, including Citi, Jefferies, and Stifel, downgraded Calliditas stock from Buy to Neutral or Hold, while H.C. Wainwright maintained a Buy rating but reduced the price target.
Furthermore, Calliditas is expanding its focus to additional rare diseases with its anti-fibrotic drug setanaxib, which has shown proof of concept in squamous cell carcinoma of the head and neck. These are all recent developments in the company's strategic focus and commitment to advancing medical treatments.
InvestingPro Insights
As Calliditas Therapeutics AB prepares for its delisting from Nasdaq Stockholm, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Calliditas boasts a market capitalization of $2.18 billion and has experienced a remarkable revenue growth of 39.27% over the last twelve months as of Q2 2024. This growth is further underscored by an impressive quarterly revenue increase of 107.8% in Q2 2024.
The company’s gross profit margin stands at a notable 93.46% for the same period, reflecting its ability to maintain high-profit levels relative to its revenue. Despite these strong figures, analysts note that Calliditas is not expected to be profitable this year, as indicated by a negative P/E ratio of -23.04. This suggests that the company is currently not generating net income on a per-share basis.
InvestingPro Tips also highlight that Calliditas has been trading near its 52-week high, with the price at 95.89% of this peak. This performance aligns with a substantial six-month price total return of 79.37%, showcasing significant investor confidence in the stock. Furthermore, the company is recognized for its low price volatility, which may appeal to investors seeking more stable stock performance.
For investors interested in further analysis and additional InvestingPro Tips on Calliditas Therapeutics, there are 12 more tips available, which can provide deeper insight into the company's financials and market position. These additional tips can be accessed by visiting the dedicated InvestingPro page for Calliditas at https://www.investing.com/pro/CALT.
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