《大行報告》大和下調君實生物(01877.HK)目標價至85元 評級「買入」
大和發表研報指,美國FDA日前宣布暫停分發君實生物(01877.HK)JS016,與JS016及禮來(LLY.US)bamlanivimab組成的雙抗體療法,主因是美國疾控中心(CDC)監測到當地巴西突變株(P.1)與南非突變株(B.1.351)比例已經超過11%,並呈現上升趨勢,而分析顯示JS016及雙抗體療法對上述兩種病毒突變株沒有中和活性。
大和指,事件將影響君實JS016的收入,預期短期內FDA不會重新恢復分發JS016及雙抗體療法,加上全球每日新增確診個案有下降跡象,因此將2021年來自JS016的收入預測由28億元人民幣下調至20億元人民幣,預期對公司整體收入貢獻為約36%,目標價由90元降至85元。
該行指,君實在研項目眾多,但大部分仍需要一段時間研發,料至2024年才可推出,將今年研究開支由20億元人民幣上調至31億元人民幣,並將2022至2023年上調至37億及42億元人民幣,重申「買入」評級。
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