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暗盤前瞻 | 雲頂新耀-B:基本面相較嘉和生物更勝一籌,股價表現會更優嗎?

uSMART友信智投10月8日消息,今日雲頂新耀公佈中籤結果,並將於16:15-18:30進行暗盤交易。

與嘉和生物一樣,雲頂新耀也是一家未盈利的生物醫藥公司,也是港股打新市場的熱門標的。從認購火熱程度和同行過往表現來看,暗盤及首日的上漲應該是確定的。

申購人數近31萬,其中乙組有將近1.3萬。頂頭槌申購144張,保本漲幅約40%。一手中籤率2%,是年內非常低的水平。公開認購約654.41倍,國際發售認購約27倍。星光熠熠的基石團隊包括高瓴、清池資本、奧博資本、貝萊德等16名,比嘉和生物更勝一籌。

從基本面來看,相較嘉和生物,雲頂新耀也更優質一些。目前雲頂新耀的研發管線包括8款候選藥物,全部都是從歐美大廠引進授權(license in),這種戰略的好處就是快,這也是決定藥物能否迅速跑出並佔領市場的關鍵因素之一。

這八款藥物全部都處於臨牀後期,覆蓋腫瘤、免疫學、心腎疾病和感染性疾病,具備全球同類首創或同類最佳療法的潛力,與嘉和生物相比,潛在發展空間更大,賽道也不那麼擁擠

根據安信證券研報,雲頂新耀授權引進的核心產品Trodelvy(靶向trop2的ADC藥物)在多種實體瘤中具有廣闊應用前景,獲國際製藥巨頭看好。公司的合作夥伴Immunomedics (Trodelvy原研廠家)獲得吉利德210億美金認購,產品在非小細胞肺癌等大適應症上的應用前景獲得國際製藥巨頭背書。

從市值來看,雲頂新耀上市之初市值爲156億港元,在目前已上市的20多隻生物醫藥股中處於中間位置,康方生物約210億,沛嘉醫療180億,嘉和生物140億。安信證券認爲雲頂新耀的合理市值在200億港元以上。

新股配售 | 雲頂新耀-B:1手中籤率2%,公開認購654.41倍,國配認購27倍

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