Key points:
- The Hemogenyx share price remained stuck despite moving into a new building.
- Investors were unimpressed by the announcement since it was not new.
- HEMO shares look attractive at current prices. Are they a buy?
The Hemogenyx Pharmaceuticals PLC (LON: HEMO) share price kept trading sideways despite the company announcing that it had moved into its new state-of-the-art research facility at the Mink Building in West Harlem’s Manhattanville Factory District of New York City.
Investors did not react to the announcement since the move has been looming for some time now and was not new to shareholders. The company has leased the space from Janus Property and spans 10,000 ft of rentable office space.
Also read: Five Best Pharmaceutical Stocks To Watch In 2022.
Hemogenyx has equipped the space with purpose-built laboratory equipment, including two clean rooms for cell therapy manufacturing. The company plans to start using the clean rooms to manufacture its HEMO-CAR-T cell therapy for treating acute myeloid leukaemia.
The office space is next to Columbia University and City College, with Hemogenyx’s current office located at the SUNY Downstate campus in Brooklyn. The company chose the factory district due to its strategic location, which makes it easy to access different parts of New York City, Westchester and New Jersey.
While investors may not have seen the move as a significant step forward for the company, the firm’s management team celebrated the achievement as a crucial milestone in its overall growth strategy.
Dr Vladislav Sandler, Hemogenyx Pharmaceuticals Co-Founder and CEO, said: “I am thrilled to have moved into our customised and innovative lab space. The choice for our lab’s continued growth was clear. With several current and future vivarium options, and the opportunity to collaborate with nearby world-class educational institutions, including Columbia University and City College, the Mink Building offered an unmatched combination of advantages to operate and grow. Additionally, Janus was able to provide us with the future flexibility that is critical for us to continue to grow further.”
Janus has rebuilt the Mink Building on West 126th Street at Amsterdam Avenue while preserving its industrial structure. Some of the improvements to the building include expansive ceiling heights and flexible, technology-enabled office and lab settings.
Investors looking to buy HEMO shares should note that they look attractive at current prices after the latest decline. However, I would like to see a bottoming pattern such as sideways trading and an attempt to rally higher before buying the shares.
*This is not investment advice. Always do your due diligence before making investment decisions.
Hemogenyx share price.
The Hemogenyx share price has fallen 30.69% in 2022; hence, it has fared much better than other pharma stocks.