Brussels: Argenx, the bottom protector on Bel20

Striking observation: Four-fifths of the trade with the clearly most important share in the Brussels Stock Exchange Barometer takes place via Wall Street.

The fact that the looming natural gas crisis exacerbates fears of a recession in Europe is not clear from Bel20 on Monday

read. The Brussels Stock Exchange Barometer is 0.3 percent higher against the pink European trend of 3,797 points.

But the ‘industries’ in Bel20 are also collapsing due to the double fear of the impact of a Chinese shutdown – in Shanghai, Covid-19 infections are rising again – and the impact of the European energy crisis. Chemicals group Solvay

dives 3 percent lower to 78.24 euros and is now still 7 times the profit in the most recent financial year.

Which is still generous compared to the 2 (two) profits that investors inox manufacturer Aperam

still be worth it. Aperam is 2.4 percent lower at 26.27 euros. Due to the price drop, Aperam now represents exactly one hundredth of the index curve.

The profit for Bel20 is largely due to one stock: Argenx

† The Ghent biotechnology group was hit on Friday after the latest record hunt for profit, but the biotech group is recovering smoothly today with 4.8 percent to 365.10 euros.

  • Argenx 15.6%
  • AB InBev 13.2%
  • KBC 10.2%
  • UCB 9.2%
  • GBL 7%

In other words, Aperam must already rise 16 percent to have the same effect as a 1 percent increase from Argenx. The two dominant Bel20s – which account for almost 30 percent of the curve – are both stocks, an important part of which is not on Euronext, but on Wall Street.

This is certainly the case for Argenx. Since the people of Ghent got hold of the ticket to the lucrative American market with goldcrest Vyvgart at the end of 2021, an increasing share of the trade has taken place in the global biotech Valhalla Nasdaq (see diagram† Over the past thirty trading days, Wall Street has accounted for four-fifths of the daily volume of the stock.

Nyxoah is still sprinting in the pharmaceutical sector

an even 25 percent higher at 9.82 euros. Not all Belgian pharmaceutical companies are fighting with the US drug watchdog FDA. According to a press release, the sleep apnea specialist can start a clinical study called ACCESS with Genio for the treatment of sleep apnea patients with CCC (complete concentric collapse), a complete collapse of the palate. Genio is a microchip implanted under the chin.

Nyxoah is already running a study on sleep apnea in the United States, DREAM. These results are expected in the first half of 2023, if the results are good, the commercial launch is planned for the second half of 2023.

“Positive news, but not really a surprise,” said Degroof Petercam analyst Laura Roba. “Management previously indicated that the study would start in the fourth quarter of 2022 and that patients already screened for DREAM could be recruited, which will potentially speed up the start-up process.”

While this is no surprise, the news has clearly been welcomed for the stock price. It closed on Friday at a low of 7.86 euros, a big halving compared to the 17 euros when the company was listed in September 2020.

The stock exchange Kepler Cheuvreux lowers its advice to the diaper manufacturer Ontex

from ‘hold’ to ‘sell’, the target price drops from 7.30 to 6.50 euros.

“Due to the consistently high oil prices, Ontex’s commodity prices will increase significantly in the second half of 2022 and the first half of 2023,” says analyst Karel Zoete. “We expect profit margins to remain under pressure until mid-2023.”

We expect Ontex’s margins to remain under pressure until mid-2023

Karel Zoete

Kepler Cheuvreux analyst

At the end of 2021, debt was more than 4 times the annual operating profit before depreciation (EBITDA). Zoete points out that a number of (relatively) strong quarters are now disappearing from the moving 12-month average, causing leverage to rise alarmingly fast. he predicts that net debt per. June 30 will be 7 times EBITDA over the last 12 months.

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