Stock Track | WuXi AppTec Shares Soar on Optimism Despite Q3 Earnings Dip

Stock Track10-29

Shares of WuXi AppTec (02359) surged on Monday, with the company's Hong Kong-listed H-shares soaring 6.4% to HK$56.10, marking their highest level since October 10th. The stock was the third-biggest percentage gainer on the Hang Seng Index and fourth-biggest on the Hang Seng Commerce & Industry Index, which rose 0.6% and 0.9%, respectively.

The rally in WuXi AppTec's stock came despite the Chinese new drug research and development group reporting a 17% fall in its third-quarter net profit and a 1.96% decline in revenue. However, analysts at Jefferies remained optimistic, maintaining a "buy" rating on the stock.

Jefferies stated that WuXi AppTec's Q3 results were in line with expectations and market consensus. The firm also highlighted that the company's accelerating growth in total backlog indicates stronger revenue momentum ahead. WuXi AppTec's Shanghai-listed stock also benefited from the positive sentiment, rising 5.1% to 56.15 yuan.

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