Raymond James raises Fulgent Genetics stock price target to $36 on strong performance
Investing.com - UBS downgraded Shanghai Junshi Biosciences Co Ltd (HK:1877) stock rating from Buy to Neutral while reducing its price target to HK$34.70 from HK$55.00.
The downgrade comes after the biopharmaceutical company’s shares have risen 167% year-to-date, significantly outperforming the broader healthcare sector which gained 100% during the same period.
UBS believes the strong performance has largely priced in the company’s positive outlook, particularly regarding JS207, its PD-1/VEGF candidate that shows licensing potential but still awaits first-in-human data.
The investment bank expects toripalimab, Junshi’s PD-1 inhibitor, to remain the company’s primary revenue driver for the next three years.
The new price target of HK$34.70 represents a multiple of 2.4 times risk-adjusted price-to-peak sales, which UBS notes is generally in line with the peer-trading median of 2.3 times.
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