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    2269   KYG970081173

WUXI BIOLOGICS (CAYMAN) INC.

(2269)
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WuXi Biologics Cayman : Shares Soar on Upbeat Revenue Guidance, China's Vaccine Progress

10/21/2020 | 01:01am EDT

By Yifan Wang

Shares of Wuxi Biologics (Cayman) Inc. rose sharply in Wednesday morning trade in Hong Kong, as investor sentiment was boosted by the firm's upbeat earnings guidance and progress on China's Covid-19 vaccine development.

The biotech company's shares surged as much as 16%, touching a record high of 233 Hong Kong dollars (US$30.06) and driving its market capitalization over HK$300 billion for the first time.

The company raised its revenue growth guidance for 2021 to 50% in a recent business update conference call, buoying investor and analyst optimism on its outlook.

Wuxi Biologics also introduced its new strategy of focusing more on late-stage projects, which U.S. investment bank Goldman Sachs expects to become a new growth engine for the firm.

Brokerage Daiwa Capital points to Wuxi's strong contract wins in Covid-19-related areas. "We believe Wuxi Bio will continue to benefit from its growing global competency during the Covid-19 pandemic," it said in a research note.

The company's share price surge also came as Chinese authorities on Tuesday provided an upbeat update on the country's vaccine development, projecting annual production capacity to reach 610 million units by year-end.

Wuxi Biologics shares were last up 12% at HK$225.00.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

10-21-20 0100ET

Stocks mentioned in the article
ChangeLast1st jan.
THE GOLDMAN SACHS GROUP, INC. -1.36% 372.92 Delayed Quote.41.41%
WUXI BIOLOGICS (CAYMAN) INC. 0.65% 124.8 End-of-day quote.21.40%
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04/26Wuxi Biologics Plans to Raise $1.49 Billion via Share Placement
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More news
Financials
Sales 2021 8 749 M 1 366 M 1 366 M
Net income 2021 2 405 M 376 M 376 M
Net cash 2021 3 075 M 480 M 480 M
P/E ratio 2021 177x
Yield 2021 -
Capitalization 434 B 67 865 M 67 785 M
EV / Sales 2021 49,3x
EV / Sales 2022 34,6x
Nbr of Employees 6 646
Free-Float 82,3%
Chart WUXI BIOLOGICS (CAYMAN) INC.
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WuXi Biologics (Cayman) Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends WUXI BIOLOGICS (CAYMAN) INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 26
Average target price 105,23 CNY
Last Close Price 102,86 CNY
Spread / Highest target 32,6%
Spread / Average Target 2,30%
Spread / Lowest Target -34,3%
EPS Revisions
Managers and Directors
NameTitle
Zhi Sheng Chen Chief Executive Officer & Executive Director
Shao Hua Lu-Wong Chief Financial Officer
Ge Li Non-Executive Chairman
Weichang Zhou Executive Director, Chief Technology Officer & EVP
William Robert Keller Independent Non-Executive Director
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