FRANKFURT (dpa-AFX) - The free fall of Sartorius shares following a reduction in annual targets from mid-October continued on Monday. In the morning, the shares of the pharmaceutical and laboratory equipment manufacturer were the tail end of a weak Dax, plummeting 3.50 percent to 231.60 euros. This marked a further low since April 2020 at the start of the week, after they had still risen to almost 632 euros during the biotech boom in the Corona crisis towards the end of 2021.

In mid-October, the Gottingen-based company had reduced its outlook for the year. The company is being hampered by a surprisingly long period of destocking following the end of the pandemic, as well as relatively low production levels at some customers. Added to this is generally subdued investment activity by customers, particularly in China and the USA.

Investors are also concerned about the medium-term outlook. About two weeks ago, Sartorius confirmed its "fundamentally positive medium- and long-term market outlook. However, it had also said that the medium-term targets were currently being reviewed and that an update would also be communicated at the beginning of next year. Until then, there is uncertainty, which is causing unease among investors.

Since the outlook was lowered, Sartorius' share price has already fallen by around 28 percent. In 2023, the share price is down 37 percent. This makes the shares the second-weakest stock in Germany's leading index, the Dax, which is currently still posting a gain of around six percent.

With the minus, the papers have also now eaten up almost all the gains from the Corona pandemic. At the end of 2019, the shares had still cost around 200 euros. Despite the losses since the record high, the share is significantly more expensive than ten years ago. In October 2013, the share was still worth less than 20 euros; 20 years ago it was less than 2 euros.

The company is currently valued on the stock exchange at just under 16 billion euros. Major shareholders are the heirs of the company's founder and the US company Bio-Rad Laboratories. The capital is divided into ordinary and preferred shares. The latter have been listed on the Dax since September 2021. Since the free float of preferred shares is now only just under six billion euros, membership of Germany's premier Borse league could again be at risk in the medium term./mis/ajx/zb/jha/