Share Performance

Share price

Medigene’s shares started trading in the new stock exchange year at an opening price of € 3.53 on 2 January 2014. Following a positive performance in the first two weeks of January, the share price broke through the € 4.00 mark in the middle of the month and climbed briefly to € 4.25 before settling down at around € 3.75. Boosted by the announcement of the acquisition of Trianta (now Medigene Immunotherapies) on 27 January, the share price strengthened significantly again, reaching its year-high on 11 March with a closing price of € 6.75. The positive trend, triggered by Medigene's repositioning with a focus on the field of immunotherapy, was further bolstered in subsequent weeks by the announced partnership for RhuDex® on 18 March. Up until the end of July, a period of nearly 100 days, the share price then moved between a low of € 4.32 and a high of € 6.61, with an average of € 5.08 during this time.

In addition to positive news regarding the newly acquired immunotherapy platforms, the announcements on the progress made by the marketed drug Veregen® as well as sound financial results contributed to the strong overall performance of Medigene’s shares in the first half of the year. In July, Medigene carried out a capital measure to fund its new immunotherapy program, with placement at a market value of € 5.00 per share. As a result, the company will be able to use the issue proceeds of € 15.9m to undertake further steps in cancer research. Despite the regular news flow, the price dropped below the € 5.00 mark at the beginning of August. Reports documenting the positive developments in immunotherapies, as well as further announcements regarding Veregen® and positive financials were unable to influence the share price on a sustained basis. From August until the end of the year, the share price settled with an average of € 4.10.

Whereas the Medigene share price clearly outperformed its benchmark index, the TecDAX, in the first nine months of the year, its performance during October was congruent with the TecDAX which was adversely affected by factors such as the Ukraine crisis. In mid-October, Medigene’s shares hit their year-low of € 3.33, before moving sideways around the € 3.80 mark in the following month. In December, the price climbed to € 4.40, but closed on 31 December 2014 at € 3.72. The closing price of Medigene shares at the end of the year was therefore up 5.4% on the opening price. The average enterprise value of Medigene AG in terms of market capitalisation increased from € 37m in 2013 to € 63m in 2014. The share price performance of Medigene shares was strong in the first few weeks of financial year 2015 and exceeded the mark of €5.60 by the middle of March 2015.

Liquidity

The average daily trading volume totalled approximately 44,273 shares in the financial year 2014. This represents a threefold increase of the volume in the previous year (2013: 14,155). The highest daily volume of 543,393 shares was reached at the start of March 2014 following Medigene's repositioning through the acquisition of Trianta (now Medigene Immunotherapies). The trading volume further increased by the middle of March 2015.

Analyst reports

Medigene is monitored by analysts of leading financial institutions in Germany and abroad. They produced detailed reports analysing the company, its technologies and drug candidates. At the beginning of 2015, three of four analysts issued a buy recommendation for Medigene shares.

ANALYSTS' RECOMMENDATION FOR MEDIGENE’s SHARES
As at February 2015, basis: 4 analyst reports
Buy 3
Hold 0
n/a 1
Reduce 0
THE FOLLOWING FINANCIAL ANALYSTS REPORTED ON MEDIGENE IN 2014
Edison Investment Research Limited Christian Glennie
DZ Bank AG Dr. Heinz Müller (until 31. December 2014)
Helvea SA / Baader Bank Group Dr. Dr. Olav Zilian
Independent Research - independent financial market Christoph Schöndube
Oddo Seydler Research AG Igor Kim

Investor relations activities

In 2014, Medigene conducted active investor relations activities in order to keep investors, financial analysts and financial press informed about the company's development. In addition to press conferences and analysts' conferences, Medigene gave interviews with key specialised media, and conducted investor meetings at home and abroad. Corporate presentations at investor conferences underlined Medigene's presence on the international capital markets.

MEDIGENE GAVE PRESENTATIONS AT THE FOLLOWING INVESTOR CONFERENCES:
JP Morgan Healthcare Conference San Francisco
Close Brothers Seydler Small & Mid Cap Conference Frankfurt
Cowen & Co. Annual Health Care Conference Boston
Kempen & Co. Healthcare/Life Sciences Conference Amsterdam
DVFA Small Cap Forum Frankfurt
Jefferies Global Healthcare Conference New York
Kempen & Co. Healthcare/Life Sciences Conference Amsterdam
DVFA Small Cap Forum Frankfurt
Jefferies Global Healthcare Conference New York
Baader Investment Conference Munich
Jefferies Global Healthcare Conference London
Deutsches Eigenkapitalforum Frankfurt/ Main

Ownership development1)

The proportion of shares held by institutional and international investors increased significantly in 2014. At year-end 2014, approximately 49% of the shares in issue were owned by private investors (2013: 59%) with around 46% of the shares held by institutional investors (2013: 41%). The holdings of the Executive Board and the Supervisory Board were substantially higher than in the previous year at 4.7% (2013: 0.4%). At year-end 2014, shareholders in Germany accounted for 56% of the Medigene shares in issue (2013: 74%). The proportion of shareholders in the UK increased in 2014 to 19% (2013: 7%) and to approximately 5% in the Benelux countries (2013: 2%). Swiss shareholders held 6% at the end of 2014 (2013: 5%), and Taiwan and Austria were unchanged on the previous year representing stakes of around 6% and 4% respectively. The holdings of US investors rose to approximately 3% in 2014 (2013: 0.3%). At the end of 2014, the Taiwanese company SynCore Biotechnology held a stake of 5.5%, while institutional investors Aviva (10.1%) and Ridgeback (3.2%) together accounted for a total of 13.3% of Medigene shares. In January 2015, Ridgeback announced that its shareholding in Medigene had increased to over 5%. The proportion of Medigene investors with a holding of more than 3% rose from 16% to 23% in 2014. 

1) As at 31 December 2014, rounded, based on Medigene AG information and assessment

SHARE DATA
Stock ID code MDG1
Securities identification number A1X 3W0
ISIN - International Securities Identification Code DE000A1X3W00
Common Code 1107 3026
CUSIP 993 906 FV5
Reuters symbol MDG1k.DE
Bloomberg symbol MDG1
Market segment Prime Standard
Indices Prime All Share,
DAXSubsector Biotechnology
Trading floors XETRA, Berlin, Bremen, Düsseldorf, Frankfurt, Hamburg, Hannover, Munich, Stuttgart
Designated Sponsors Oddo Seydler Research AG,
    DZ Bank AG (until 31 December 2014),
    Baader Bank AG
(since 1 December 2014)
KEY FIGURES OF MEDIGENE'S SHARES
In € 2014 2013
52-week high 6.75 4.40
52-week low 3.33 3.04
Opening price for the year 3.53 4.08
Year-end closing price 3.72 3.50
Average price 4.49 3.77
Weighted average number of shares (undiluted in shares) 12,210.949 9,631,559
Average daily trading volume (in shares) 44,273 14,155
Average market capitalisation (in € million) 63 37
Total number of shares outstanding (31 Dec.) 13,927,428 9,872,139
Equity per share1) (undiluted and diluted) -0.41 -1.07
Equity per share1) 3.58 3.67
Cash flow per share from operating activities1) -0.62 -1.24
Free float2) (in %) 77 84
1) Reference amount: total number of outstanding shares
2) Shareholding below 3%. Source: Medigene AG
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