Shares in Grifols fell as much as over 40% on Tuesday, wiping $3.83 billion off its market value, after hedge fund Gotham City Research questioned its accounting, prompting the Spanish drugmaker to "categorically" deny any wrongdoing. Gotham City Research said that Grifols received almost all of its earnings from so-called "non-controlling interests." These satellite companies a few of which the shortseller focused on in its report, include blood donation firm Haema AG, plasma donation company BPC Plasma and testing firm Grifols Diagnostics Solutions, account for 96.8% of the company's profits, the report says.
By David Sachs Grifols shares jumped Friday after the pharmaceutical company said it will sell a sizable stake in a Chinese medicine developer for $1.76.
Drug manufacturer Grifols, S.A. (GRFS) stock continues to rise on Friday, despite no corporate news to influence the stock movement. Currently, Grifols stock is surging 12.
Grifols, S.A. (NASDAQ:GRFS – Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $10.08, but opened at $10.54. Grifols shares last traded at $10.53, with a volume of 166,188 shares. Wall Street Analyst Weigh In Several equities research analysts recently commented on GRFS shares. Morgan Stanley […]