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Investing.com - JPMorgan upgraded Jiangsu Hengrui Medicine Co. Ltd (SHA:600276) from Neutral to Overweight with a price target of RMB78.00.
The upgrade comes despite Hengrui’s third-quarter 2025 results missing expectations, with JPMorgan noting the shortfall was primarily due to slower-than-expected recognition of upfront payment from the GSK deal, a RMB150 million unrealized foreign exchange loss, and higher administrative expenses following external hiring.
JPMorgan emphasized these factors do not impact Hengrui’s core fundamentals, particularly its drug sales momentum and out-licensing potential, and expressed encouragement about the momentum in innovative drug sales, especially following the approval of zebigastat (EZH2 inhibitor) and trastuzumab rezetecan (HER2 ADC) in China.
The firm expects solid fourth-quarter 2025 performance with the recognition of licensing income from recent deals in Q4 2025 and Q1 2026, maintaining its price target for Hengrui-A/H at RMB78/HKD78.
JPMorgan noted Hengrui’s share price has experienced a pullback due to recent weak sentiment toward China healthcare, making the stock’s valuation more reasonable.
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