New York investors caused 35% of Grifols to crash in the stock market
Gotham City Research celebrates the fall of a Spanish pharmaceutical company with memes on social network X.
Opening of contracts for ADRs Grifols on the New York Stock Exchangeat 3:30 p.m. Spanish time (9:30 a.m. local time), goes a long way toward explaining the severe punishment the Spanish company suffered in today’s session, according to market sources.
IN these moments Grifols was trading above 11 euros. on the Spanish stock market, having received
Opening of contracts for ADRs Grifols on the New York Stock Exchangeat 3:30 p.m. Spanish time (9:30 a.m. local time), goes a long way toward explaining the severe punishment the Spanish company suffered in today’s session, according to market sources.
IN these moments Grifols was trading above 11 euros. on the Spanish stock market after partially reversing the 10% correction that occurred on the morning of the presentation of unaudited 2023 results.
But after the bell rang in New York, investors who work in this area They immediately began selling ADRs to the pharmaceutical company. These are certificates registered in the United States, each of which is equivalent to one share of the company’s common stock. These instruments immediately descended into the surrounding area 8 dollars and then 6 dollars causing title prices in Spain to plummet before closing the session down 35% to €7.58.
One explanation for the New York crash is that since ADR liquidity is limited, sales American shareholders are unhappy with the results would have led to such a sharp drop early in the session. Another conspiracy theory The thing is bearish investors like Gotham They could facilitate the exit from paper to the market.
From your X account (old Twitter), Gotham celebrated the collapse of the Spanish company, which it issued a scathing report against in January, with memes and humorous comments about the company’s negative cash flow in 2023 and the signing of a new CEO.
The fall coincided with the end of the company’s conference with analysts financial, where those present do not believe that there was any comment justifying the collapse of prices at the end of the day in Madrid.
In New York, ADRs are now recovering somewhat, trading at $7.05 after hitting a low of $5.56. Trading volume for the session was 10.3 million such items, compared with a daily average of 2.2 million over the past two months.