Redeye reiterates its valuation range of SEK 1.4 to 4.4 for Active Biotech shares following today’s news of a completed rights issue of SEK 76m. The issue was oversubscribed, and the company will not utilize any guarantee undertakings. According to holdings.se, Nordstjernan, a significant seller during the autumn of 2020, had almost divested all of its ownership in Active by 31 December. Following the successful rights issue and abated selling pressure from Nordstjernan, we see room for share price appreciation. For more information, see our initiation report from December.

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