Comeback Opportunity or Cause for Caution? Gerresheimer, Novo Nordisk, and American Atomics

American Atomics: A Buying Opportunity?

Following consolidation between roughly USD 85 and USD 100 per pound of U₃O₈, new upward momentum is emerging in the uranium market. Fundamentally, many factors point to rising prices. Demand from nuclear power plants remains well above annual mine production and the available secondary supply. Utility companies are increasingly forced to hedge their positions through long-term supply contracts, thereby accepting higher prices. At the same time, the global renaissance of nuclear energy is gaining momentum. China and India are expanding their reactor fleets, Canada is pushing ahead with new large reactors and small modular reactors, and the US is also placing greater emphasis on nuclear power once again. From a technical analysis perspective, higher lows are also fueling confidence. Should the uranium price sustainably break above the upper limit of its current trading range, this could signal the start of a new dynamic rally. This would also herald a comeback for the critically important uranium exploration companies, as new mining areas are urgently needed. American Atomics is working toward this goal.

The company aims to position itself as a key component of an independent North American uranium supply chain. To this end, the company is pursuing an integrated approach that will span exploration and mining through to processing, conversion, and enrichment. The focus is currently on two projects in traditional US uranium-producing regions. One of these is the Lisbon Valley East project. It is located in the state of Utah, in close proximity to historically significant uranium deposits. The goal is to identify a potential extension or geological mirror image of the known Lisbon Valley deposits. Historical drilling data includes, among other things, an interval of approximately 3.5 feet grading 0.28% U₃O₈. The most recent significant development was the publication of a technical report in accordance with NI 43-101, through which American Atomics consolidated the existing historical data and laid the groundwork for further exploration work.

The second pillar is the fully acquired Blue Streak project in the Uravan Mineral Belt in Colorado. It comprises 194 claims covering an area of approximately 3,400 acres and includes the historic Pickett Corral Mine, where uranium and vanadium were previously mined. The most recent news was the publication of a resource estimate in accordance with NI 43-101. According to the estimate, Blue Streak has 29,000 short tons of measured and indicated resources averaging 0.189% eU₃O₈, as well as an additional 4,300 short tons in the "inferred" category averaging 0.177% eU₃O₈. At the same time, American Atomics is preparing the necessary permits for further work and a potential resumption of mining operations.

Given the fundamental opportunities in the uranium market described above and American Atomics' exciting projects in the US, the stock's decline of approximately 40% over the past four weeks appears significantly exaggerated. This could be an exciting buying opportunity.

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Gerresheimer: Not Yet a Breakthrough

Will Gerresheimer achieve a breakthrough, or will selling off its crown jewels merely plug holes in the short term? The stock market is not yet sure. This refers to the sale of the US subsidiary Centor and the global plastic primary packaging business to funds managed by the private equity firm Apax Partners. The agreed-upon purchase price is based on a combined enterprise value of approximately EUR 1.5 billion. The divested operations include 16 production sites in nine countries with a total of around 2,400 employees. Together, the two business units generated revenue of approximately EUR 570 million in 2025.

Gerresheimer intends to use the expected cash inflows to significantly reduce its debt, lower interest expenses, and sustainably improve its capital structure. At the same time, the Group will focus more strongly in the future on high-quality drug delivery systems, medical devices, and primary packaging for injectable pharmaceuticals. The sale of Centor is expected to be completed by the end of fiscal year 2026, while the sale of the global plastics packaging business is scheduled for the first half of fiscal year 2027.

The stock initially reacted to the announcement with a price jump of about 20%. However, this gain has since been completely erased. This is because uncertainty persists due to the ongoing BaFin investigation.

Analysts reacted cautiously overall. Only JPMorgan recommends buying the stock with a price target of EUR 46. UBS and DZ Bank did, however, upgrade the packaging specialist's stock from "Sell" to "Hold." Deutsche Bank also praised the sale as a means of reducing debt, but stopped short of further praise. The analysts are sticking with their "Hold" recommendation. All three banks raised their price targets, which now range between EUR 26 and EUR 30.

Novo Nordisk: Shares Tumble

Is Novo Nordisk's comeback already over? After the pharmaceutical giant's stock surged from EUR 30 to EUR 45 within four months, it has plummeted by about 15% in recent days.

The latest selling pressure was triggered on Wednesday by the release of second-quarter results. As part of this announcement, the full-year forecast was even raised. However, this was apparently not enough for investors.

Novo Nordisk generated revenue of DKK 78.5 billion in the second quarter of 2026, representing a 3% increase on a currency-adjusted basis. Excluding one-time items, revenue rose by 7%. This was primarily driven by higher GLP-1 sales and more favourable US discount adjustments. Reported operating profit fell by 16% to DKK 27.1 billion due to a positive prior-year effect from the US 340B program and write-downs on pipeline projects. On an adjusted basis, however, operating profit rose by 11% to DKK 33.4 billion. Wegovy remained a key growth driver, with its tablet formulation continuing to see strong demand in the US.

Due to the improved performance in the GLP-1 business, Novo Nordisk has raised its forecast for 2026. The company now expects both adjusted revenue and adjusted operating profit, on a currency-adjusted basis, to range between 0% and -6%. This is driven by higher expectations for GLP-1 sales in the US, as well as continued growth and additional product launches in international markets.

The sell-off of Novo shares began last week following the announcement that the Phase 3 ZEUS trial had missed its primary endpoint. Although the antibody ziltivekimab inhibited the interleukin-6 inflammatory pathway as expected and reduced corresponding inflammatory markers, it did not lead to a reduction in serious cardiovascular events compared with placebo in patients with atherosclerotic cardiovascular disease, chronic kidney disease, and elevated inflammatory markers. More than 6,300 patients participated in the study. The overall incidence of adverse and serious side effects was comparable; however, more serious infections occurred among patients treated with ziltivekimab.

The two other ongoing studies with ziltivekimab in heart failure and following acute myocardial infarction are to continue. The failure of the ZEUS study does not change the outlook for adjusted operating profit in 2026, but will result in a non-cash impairment charge in the third quarter of 2026. Novo Nordisk nevertheless remains committed to its strategy in the cardiovascular disease sector.

Both market trends and internal progress at American Atomics point to a comeback for the stock. The shares appear to be heavily oversold. For Novo Nordisk, consolidation comes as no surprise. However, the company appears to be falling behind Eli Lilly in the obesity market. This could have lasting consequences for the stock. At Gerresheimer, there are still numerous areas requiring attention. At this stage, the shares do not appear to offer a compelling buying opportunity.