Hofseth BioCare was one of the best-performing stocks across Europe in the second half of 2019

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Biotech company’s shares rose 270 per cent since late June.

Shares in Hofseth Biocare, a Norwegian producer of biomarine ingredients for human applications, such as fresh salmon oil and protein powder, have soared according to the FT.

“Shares in Norway-based Hofseth BioCare have soared by nearly 270 per cent since late June, making it one of the best-performing stocks across Europe in the second half of 2019,” it wrote.

Shares at HBC have remained at NOK 3 for past few years, but rose to NOK 9 at the end of 2019.

Graph: Oslo Stock Exchange

“That has delivered a profit for investors including London-based Lansdowne Partners, one of Europe’s biggest equity hedge funds, and Mike Novogratz, the former Goldman Sachs partner and Fortress hedge fund manager who now heads cryptocurrency merchant bank Galaxy Digital. Both have bought into the stock in recent months, according to people familiar with the matter,” it added.

Hedge fund Lansdowne Partners also bought the shares during the third quarter of 2019 for its European Absolute Opportunities fund.

In June, Hofseth BioCare has entered into a Letter of Intent with Florida-based and Nestlé-owned Garden of Life for sales of HBC products in the USA. In July, the Biotech company announced a private placement whose net proceeds were to be used for sales and marketing activities for future growth domestically and internationally of HBC’s wider products range.