CureVac Triples in Nasdaq Public Debut | Calamatta Cuschieri

The Maltese market closed in the red on Friday, with the MSE total index ending the session 0.615% lower to 7,572.779 points. The best performer was Malta International Airport plc, by adding 4.17% to close at 5.00, followed by 2.44% increase of GO plc with a closing price of 3.36. The biggest fall was seen from Lombard Bank Malta plc, which slid 9.80% to close at 1.84. Followed by a 6.67% drop of Simonds Farsons Cisk plc with a closing price of 7.00. MIDI plc was down 5.71% to 0.33, while FIMBank plc shed 5.13% to close at 0.37.

European markets closed lower on Friday as investors monitored concerns over a second wave of coronavirus cases, which caused the U.K. to implement new quarantine measures. Panicked Brits scrambled to return home from France, the Netherlands, Malta and Monaco ahead of Saturday before a 14-day quarantine rule took effect. The pan-European Stoxx 600 index finished the week down 1.2% at 368 with all major Continental bourses in the red.

U.S. equities were mixed on Friday as the S&P 500 continued to hover below its record high from February. The Dow rose 0.1%, to 27,931.02. The S&P 500 was flat at 3,372.85. The Nasdaq Composite fell 0.2% to close at 11,019.30.

CureVac, another leading contender in the race to find a Covid-19 vaccine, surges more than 200% in its U.S. stock market debut.

Shares of German biopharmaceutical company CureVac surged out of the gate on Friday, more than tripling in value in its public debut on the Nasdaq Global Market.

Shares of CureVac began trading up 191.56%, or $30.65 a share, at $46.65. At 1 pm E.T. the stock was up more than 216% at $50.66.

CureVac on Friday sold 13.33 million shares at $16 apiece, the high end of its offered range and began trading under the symbol “CVAC.”

CureVac is also raising €100 million ($118 million) in a private placement, according to CureVac’s filings with the U.S. Securities and Exchange Commission.

The listing, which will see CureVac’s stock trade on the Nasdaq Global Market, values CureVac at more than $5 billion, based on the number of outstanding shares it has listed in its filings.

The German government agreed in June to acquire 23% of the company for €300 million via development bank Kreditanstalt fuer Wiederaufbau, known as KfW.

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.