UBS: Downgrade Rongchang Biotech (09995.HK) to "Neutral" with a target price raised to HK$63.8

According to the WiseMoney APP, UBS released a research report stating that the stock price of Rongchang Biology (09995.HK) has tripled since the beginning of the year, exceeding the industry's 64% increase, mainly due to the progress of its pipeline products. The rights issue of 796 million yuan also eased the group's tight financial situation. The bank believes that from a 12-month perspective, the group's stock price is reasonable, and recent major positive catalysts have been reflected in the stock price. The rating has been downgraded from "buy" to "neutral". In addition, considering the global sales and estimated expenses of RC18, the target price has been significantly increased from 33.7 Hong Kong dollars to 63.8 Hong Kong dollars.