Record Numbers—Yet a 12% Drop in Share Price: What Is Going On with This Power Grid Stock?
Shares of PFISTERER (WKN: PFSE21 | ISIN: DE000PFSE212 | Ticker: PFSE) closed yesterday’s Xetra trading session at EUR 70.00, with a market capitalization of approximately EUR 1.25 billion. Since the start of the year, the stock has lost approximately 8.25%, and since its May all-time high, it has fallen by as much as 38%. On a 52-week basis, however, the stock remains up about 20%. Compared to its initial listing price of around EUR 30 in May 2025, the gain remains approximately 135%.
PFISTERER is headquartered in Winterbach near Stuttgart and develops connection and insulation solutions for power grids. These include cable assemblies, connectors, transformer terminals, insulators, and components for overhead lines. The products are used across the entire power chain, from generation to transmission to distribution, on land, underground, and in offshore projects. The company sees particular growth opportunities in high-voltage direct-current (HVDC) grids. PFISTERER has locations in 15 countries and supplies customers in more than 90 countries. The Pfisterer family continues to hold a majority stake, with Karl-Heinz Pfisterer holding 46% and Anna Dorothee Stängel holding approximately 10%. The company is led by Johannes Linden and Dr. Konstantin Kurfiss.
At first glance, the half-year results were very strong. Revenue rose by 20.2% to EUR 256.7 million. Adjusted EBITDA increased by 32.7% to EUR 52.4 million, while the margin rose from 18.5% to 20.4%. Net income even jumped by 75.9% to EUR 38.3 million, or EUR 2.09 per share. Operating cash flow improved from EUR 0.5 to 18.8 million, resulting in a clearly positive figure. At the same time, EUR 19.8 million was allocated to investments, leaving free cash flow roughly in balance. The balance sheet remains solid, and as of the end of June, PFISTERER held EUR 56.9 million in cash and cash equivalents with an equity ratio of 55.3%. However, net liquidity of EUR 19.2 million at the end of 2025 has since turned into a small net debt of EUR 4.2 million. Reasons for this include higher capital expenditures, the dividend payment, and an increase in working capital from EUR 99.9 million to EUR 121.7 million.
The share price drop is likely due primarily to disappointed expectations. Order intake fell by 9.4% to EUR 263 million in the first half of the year and by 9.7% in the second quarter. On the positive side, the order backlog nevertheless rose by 8.9% to EUR 340.3 million. In addition, revenue growth slowed to 14.4% in the second quarter, while the gross margin declined from 42.3% to 40.4%. Despite the strong results, management did not raise its long-term forecast. Part of the increase in profit was also due to a lower tax rate and an insurance payment.
From a technical analysis perspective, the stock is trading below all key moving averages. The 20-day moving average is around EUR 79.60, the 50-day moving average is at EUR 81.50, the 100-day moving average is at EUR 79.60, and the 200-day moving average is around EUR 78.90. The range between EUR 65 and 70 is now critical. Below EUR 65, EUR 60 and the 52-week low of around EUR 57.70 would be possible targets. Only above EUR 82 would the chart picture brighten significantly again.
Lahontan Gold Significantly Increases Resource Potential at the Santa Fe Project
The gold market is consolidating following the strong start to 2026, but solid fundamentals and the presumed completion of the bottoming process are drawing investors back to gold this week. Lahontan Gold (WKN: A3DKKY | ISIN: CA50732M1014 | Ticker: Y2F) is capitalizing on this environment to purposefully drive its transition from a pure-play explorer to a producer in Nevada. Company announcements and recent analyses suggest that Lahontan holds additional gold resources at its Santa Fe Project in the form of gold-bearing tailings. The updated mineral resource estimate (MRE) released earlier this week is also expected to unlock substantial value potential.
The latest announcement regarding the Santa Fe property marks a significant increase in the existing resource. According to the report, the indicated resources now total 1.195 million gold-equivalent ounces, while the inferred resources now amount to 1,190 million gold-equivalent ounces. This represents a 22% increase over the 2024 mineral resource estimate and further strengthens the project’s economic foundation. At the same time, it also widens the gap between the exploration potential, including the stockpile, and the current conservative valuation metrics on the stock market. The market is still awaiting concrete production plans, but the figures show a clear trend. In addition to the project’s considerable size, Santa Fe possesses a high-quality gold deposit with exploration potential that is likely to come into sharper focus in the next phase with the revised PEA.
Lahontan’s operational plan relies on a financing structure that is to be finalized by the end of 2026. To minimize dilution to shareholders, the goal is to establish a financing structure comprising approximately 80% debt and 20% equity. The high return on the project once production begins is to be used promptly for debt repayment in order to increase the return on equity for shareholders. Given the projected cost framework of approximately USD 135 million for the reactivation of the Santa Fe site, this financing mix makes sense, as it enables accelerated loan repayment and minimizes dilution effects. It remains to be seen to what extent the updated resource estimate will translate into concrete production cost reductions and margin improvements in the upcoming economic analysis. In any case, the latest drilling and test results from the tailings have confirmed that they can be processed cost-effectively using heap leaching.
Moderna Soars 160%: Historic Breakthrough with Cancer Vaccine
Shares of Moderna (WKN: A2N9D9 | ISIN: US60770K1079 | Ticker: MRNA) rose by as much as 185% to USD 176.66 on Wednesday. As a result, the company’s market capitalization increased by approximately USD 40 billion to around USD 70 billion within a few hours. Since the beginning of the year, the stock has gained more than 400%; on a 52-week basis, the gain stands at around 480%. Nevertheless, Moderna is still down approximately 60% over a five-year period. From its current level, it remains about 200% below its record high of USD 497.49 set in 2021.
The catalyst was a significant success with the personalized mRNA cancer therapy Intismeran. In a Phase 3 trial involving 1,137 patients, the combination of Intismeran and Merck’s cancer drug Keytruda reduced the risk of a completely removed high-risk skin cancer returning or spreading throughout the body in a statistically and clinically significant manner. This is the first successful Phase 3 trial of a personalized mRNA cancer therapy. Intismeran is individually manufactured based on the mutations in each tumor and can contain up to 34 so-called neoantigens.
Specific percentage figures from Phase 3 have not yet been published. However, in the previous Phase 2 trial, the combination reduced the risk of relapse or death after five years by 49% and the risk of distant metastases or death by 59% compared to Keytruda alone. The companies plan to present the full data at a medical conference and subsequently apply for approval. Merck and Moderna will split development costs and potential profits equally. Analysts believe that, in the long term, annual sales of up to USD 3 billion are possible for melanoma alone. Merck rose by about 13% following the news, while BioNTech, an mRNA competitor, rose by about 20%.
Fundamentally, Moderna remains a loss-making biotechnology company despite the breakthrough. In the second quarter of 2026, revenue totaled just USD 145 million, up from USD 142 million in the same quarter a year earlier. The net loss improved slightly from USD 825 million to USD 782 million, or a loss of USD 1.97 per share. Moderna spent USD 651 million on research and development. As of the end of June, the company still had USD 6.9 billion in cash and cash equivalents available. In the first half of the year, operating cash outflow totaled approximately USD 1.2 billion. Management expects to have between USD 4.7 billion and USD 5.2 billion remaining by the end of 2026. Another positive development is the recent FDA approval of the mFLUSIVA flu vaccine.
From a technical analysis perspective, the price surge has broken through all known resistance levels. Following today’s move, the 20- and 50-day moving averages are roughly USD 63, the 100-day moving average is USD 57, and the 200-day moving average is around USD 47. This means the stock is extremely far from its moving averages. Initial support levels are at USD 114 to USD 115, as well as at the earlier annual high around USD 85. Above USD 164, USD 200 and later USD 250 would be the next psychological thresholds. The scientific breakthrough is changing the outlook—however, the lack of Phase 3 details, high cash burn, and valuation remain significant risks.
PFISTERER reported strong half-year results, but weaker order intake and an unchanged full-year forecast are pushing the stock sharply lower despite a solid balance sheet.
Lahontan Gold increased the Santa Fe resource by 22% and plans to secure financing by the end of 2026, while the market appears to be still waiting for concrete production details.
Moderna’s stock surged following the Phase 3 success of its mRNA cancer therapy, but remains risky due to high losses and cash burn, despite the prospect of approval.
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