《大行》花旗降榮昌生物(09995.HK)評級至「沽售/高風險」近期股價升幅反映過度樂觀預期
花旗發表報告指,榮昌生物(09995.HK)向Vor Bio授出泰它西普大中華外獨家開發權。據此,Vor Bio應向榮昌生物及榮普合夥支付總價值1.25億美元的代價,其中包括公司將從Vor Bio取得4,500萬美元的首付款和Vor Bio將向榮普合夥發行價值8,000萬美元的認股權證,金額及合作力度均低於市場預期,投資者期望與全球大藥廠合作預付額爲數億美元。
報告指,泰它西普在AAN2025會議上展示了有前景的CN Ph3數據,海外全身型重症肌無力(gMG)潛力是投資者關注的重點,而該行指全球全身型重症肌無力領域競爭激烈,認爲一致的全球Ph3研究是其成功全球商業化的關鍵。此外,由於RC148 (PD-1/VEGF)是業務合作的熱門領域,因此也吸引了投資人的興趣。儘管如此,該行認爲該股近期的漲幅(年初以來累升約280%是由於過度樂觀的預期所致。花詼對該股評級由「買入/高風險」一舉降至「沽售/高風險」,目標價32港元不變。
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