Wuxi Biologics Shares Rise After Jump in December Projects
By Jiahui Huang
Wuxi Biologics (Cayman) shares jumped after the company said it added dozens of new projects at the end of the year, lifting its annual total close to a high-water mark set in 2021.
The stock advanced 10% to 30.80 Hong Kong dollars (US$3.94) on Thursday, on track for its largest one-day percentage gain in more than a year.
The Chinese biotech company added 132 integrated projects in 2023, beating its annual target of 100 projects and nearly reaching marks of 138 and 136 set in 2021 and 2022, respectively, it said in a Wednesday exchange filing.
In December alone, the company gained 41 new projects, according to Nomura analysts.
Nomura said the December projects figure was a positive surprise given the company's downbeat expectations earlier in the month. Wuxi Biologics in early December released guidance for lower 2023 profit and revenue, citing fewer new projects and regulatory approval delays.
"Recent rich deal flows within the innovative drug space bode well for the recovery of the company," Nomura analysts Jialin Zhang and Yi Xiang said in a research note. They have a buy rating on Wuxi Biologics with a target price of HK$58.44.
Separately, Wuxi Biologics said it signed a deal with BioNTech for research services related to the discovery of new antibodies. Wuxi will receive an upfront payment of US$20 million, plus potential additional payments dependent on research, commercial and other milestones, it said.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
January 11, 2024 00:37 ET (05:37 GMT)
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