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郭思治: 半新股歐康維視(01477.HK)技術上或「跌過龍」 眼科藥資產續商業化
阿思達克 11-02 09:27
香港股票分析師協會副主席郭思治稱,半新股歐康維視(01477.HK)在上周五宣布,公司與綠葉製藥(02186.HK)的附屬公司博安生物合作,雙方將攜手推進OT-702(阿柏西普生物類似藥)的研發及商業化,歐康維視將會獲得OT-702在國內的獨家推廣及商業化的權利。OT-702目前已進入臨床III期試驗,這也是歐康維視第三款在中國開展III期臨床的管線產品,其眼後段管線再獲補強。

歐康維視是中國眼科醫藥平台公司,目前,該公司已擁有眼前及眼後段17種藥物資產,建立了完整的眼科藥物產品線,其中四種產品已進入中國的III期臨床試驗。中國有大量的眼科疾病患者,而且由於人口老齡化進程的加快以及糖尿病患者數量與日俱增,令到眼科疾病的患病率不斷上升,市場對於相關眼疾藥品有極大需求。而歐康維視目前管線當中的幾款產品,針對的便是當前眼藥市場中患者的痛點,產品上線之後能夠對於病症進行有效的治療。這次歐康維視和綠葉製藥的合作,全力推動OT-702的III期臨床研究及商業化,早日為中國中老年黃斑性病變患者帶來國產好藥。

歐康維視上市時期公司業績處於虧損階段,而今年上半年虧損及全面開支總額達17.4億元,仔細研究之下,虧損的增長主要是因與優先股相關的轉換期權及購股權公平值的變動,17.4億的虧損裡其實有15億是來自優先股公允價值的一次性損失。實際公司的經調整虧損及全面開支總額(剔除優先股的公允價值變動損失以及以股份為基礎的酬金開支)僅為6,118.5萬(其中包含超4,000萬的上市費用)。雖然歐康維視生物現階段的盈利能力尚需時體現,但旗下眼科藥物資產正持續邁向商業化階段,盈利潛力有望在中長線釋放,增長憧憬有利支持股價,業務前景樂觀。

歐康維視股價走勢雖仍疲弱,惟自7月10日上市後之高位43元開始之下跌,至10月30日低位17.9元止計,累積跌幅已達25.1元或58.3%,技術上確有「跌過龍」之感,故只要買盤稍主動,股票該有機會重越20元,不妨適量部署,但以中線持有最可取。

(筆者為證監會持牌人)~

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