WuXi AppTec's stock plummeted 5.12% during intraday trading on Friday, reflecting significant selling pressure.
The decline follows Hong Kong Exchange filings revealing that JPMorgan reduced its long position in WuXi AppTec H-shares from 11.08% to 10.89%, signaling institutional trimming. Additionally, the broader Life Sciences Tools & Services sector experienced widespread weakness, contributing to the downward movement.
The stock had previously rallied after multiple investment banks raised their target prices, and the current pullback appears to reflect short-term profit-taking by investors following the recent gains.
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