CSPC Pharma Shares Drop on Possible Profit-Taking After AstraZeneca Deal
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CSPC Pharmaceutical Group's shares fell 10% after a multibillion-dollar deal with AstraZeneca for an obesity drug, marking the largest daily loss in nearly a year. The stock dropped to 9.60 Hong Kong dollars (US$1.23) amid profit-taking, according to analysts. CSPC will receive US$1.2 billion upfront and could earn up to US$17.3 billion in milestone payments. Despite the decline, analysts view this as a potential buying opportunity, maintaining an outperform rating with a target price of HK$12.40.
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