FRANKFURT (dpa-AFX) - Despite surprisingly strong quarterly figures, the shares of Redcare Pharm acy came under pressure on Wednesday. The fact that Warburg Research withdrew its buy recommendation for the shares of the online pharmacy after its strong run weighed on the stock.

The shares lost 4.9 percent to 137.40 euros as the weakest stock in the MDax, which was hardly changed. They thus gave up some of the 13 percent gains of the past five trading days. On Friday, a positive study by the private bank Berenberg had given fresh impetus to the rally of recent months.

Now a downgrade by Warburg analyst Michael Heider has caused a little disillusionment. The strong preliminary sales in the 2023 financial year underpinned the investment argument that Redcare is the best-positioned online pharmacy in Europe and is gaining market share, he wrote. Nevertheless, in view of the sharp rise in the share price, it is time for a breather. In 2023, the shares soared by around 200 percent, driven by hopes of good business following the introduction of e-prescriptions in Germany.

The Warburg analyst no longer sees any price drivers until March, when Redcare will present its first forecast for the new financial year. Instead, the launch of e-prescription dispensing is likely to be bumpy and could result in some negative news. In the long term, however, he is also positive. According to him, the proportion of e-prescriptions dispensed via online channels is likely to be around ten percent in the next five years.

A number of other positive comments were made by analysts on the figures presented, for example by investment house Jefferies and Baader Bank. According to Alexander Thiel from Jefferies, Redcare has set the course for a new record year with its strong preliminary annual figures. Baader Bank analyst Volker Bosse concluded that, in view of Redcare's sales momentum, the Dutch mail-order pharmacy is gaining market share./ck/mis/jha/