Innovent Biologics' Outlicensing Drug Deals Could Remain Key Share-Price Driver
Dow Jones14:01
0601 GMT - Innovent Biologics' outlicensing drug deals with multinational corporations could remain a key share-price driver, say DBS Group Research analysts in commentary. The Chinese biopharmaceutical company's previous deal with Pfizer in May boosted its stock by around 33% over two months. Innovent likely has around three early stage treatment products that could yield around $955 million in upfront payments, the analysts estimate. The company's balance sheet also remains strong, with net cash of around 16.2 billion yuan as of June, they add. DBS Group Research maintains its buy rating and 144.00 Hong Kong dollar target price. Shares drop 2.55% to HK$107.00.
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