HK Stock Market Move | Pharmaceutical sector suffers a broad selloff, GENSCRIPT BIO(01548) drops over 15%, Joinn Laboratories(06127) falls more than 12%

Overnight, the U.S. pharmaceutical sector plunged, dragging down the Hong Kong pharmaceutical sector, which had performed well yesterday. As of press time, GENSCRIPT BIO(01548) fell 15.10% to HK$41.72; Joinn Laboratories(06127) fell 12.73% to HK$28.1; CANSINOBIO(06185) fell 7.88% to HK$37.4; HBM HOLDINGS-B(02142) fell 6.96% to HK$12.7. On the news front, according to reports, a staff member at an anti-plague research institute in Russia's Irkutsk region in Siberia died, leading to nearly 200 contacts reportedly being placed under quarantine and observation. Russian authorities have imposed quarantine measures on several hospitals in the region, but health officials have downplayed the severity of the situation. There is still no definitive evidence confirming that the deceased laboratory employee was infected with pneumonic plague. In addition, Citi released a research report in late September, downgrading Moderna's rating from "Neutral" to "Sell" and sharply lowering its target price from $80 to $60. The bank believes that the market's current valuation logic is overly optimistic, not only pricing in ahead of time the successful expansion of a melanoma vaccine across multiple tumor types, but also implying "unrealistic" sales forecasts.