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$Pfizer(PFE.US) rose slightly, $Johnson & Johnson(JNJ.US) barely moved, and $HENGRUI PHARMA(01276.HK) fell slightly. The major pharmaceutical stocks were all quiet today. When the market is selling off growth stocks and risk-off sentiment is rising, these big pharma companies act as ballast, with minimal price movements, providing a sense of security for holders.

$Novo Nordisk AS(NVO.US) barely moved, $Alnylam Pharma(ALNY.US) fell over three percentage points, $AstraZeneca(AZN.US) dropped nearly six percentage points, and $METIS TECHBIO-P(07666.HK) saw a slight decline in Hong Kong stocks. Major pharmaceutical companies and biotech firms were generally weak today, with $AstraZeneca(AZN.US) falling deeper, following the valuation adjustments of large pharma companies amid concerns over interest rates and pipelines; $Novo Nordisk AS(NVO.US) is treading water in the competitive landscape of weight-loss drugs, waiting for the next data point.

The weakness in these large-cap pharma stocks is exactly the opposite of the earlier strength in Chinese innovative drug stocks—mature pharma companies are digesting pricing pressures, while flexible varieties are speculating on expectations. Within the same broad healthcare sector, money is moving towards the side with a story.

$Moderna(MRNA.US) fell more than seven points, $Eli Lilly(LLY.US) dipped slightly, $Pfizer(PFE.US) basically didn't move—major U.S. pharmaceutical stocks are under overall pressure this wave, and $Moderna(MRNA.US) fell even harder😔

Actually, there's no major company-level bad news; Morgan Stanley just raised the target price for $Moderna(MRNA.US). It's more about the biotech sector as a whole shifting focus to fundamentals and squeezing out some of the earlier valuation premiums. Among the large caps, $Moderna(MRNA.US) has greater elasticity, making its decline even more glaring.

$Pfizer(PFE.US) rose slightly, $Intuitive Surgical(ISRG.US) fell slightly. These two major pharmaceutical and medical device stocks basically moved gently in line with the broader market, showing relative resilience on a distribution day. $Recursion Pharmaceuticals(RXRX.US) dropped about three percent. AI-driven drug discovery stocks, which are more growth-oriented and whose catalysts rely entirely on data readouts, exhibit greater volatility when risk appetite contracts. The biotech sector as a whole is actually recovering today. Large caps are stable, while small caps follow market sentiment. The decline in $Recursion Pharmaceuticals(RXRX.US) is more like the inherent high volatility of an AI narrative stock, not due to pipeline issues—its model platform is still waiting for the next batch of clinical data for validation.

$Moderna(MRNA.US) rose slightly, while $Pfizer(PFE.US), $Unitedhealth(UNH.US), $WUXI BIO(02269.HK), and $WUXI APPTEC(02359.HK) all fell. Major pharmaceutical companies and this batch of CXO stocks were under overall pressure. $Moderna(MRNA.US) bucked the trend and turned green due to expectations of a pre-flu season recovery driven by mRNA technology, being the only slightly pleasant surprise in this batch. $Pfizer(PFE.US) was weighed down by healthcare policy and pipeline sentiment, $Unitedhealth(UNH.US) continued to digest policy concerns, while the two CXO companies, $WUXI BIO(02269.HK) and $WUXI APPTEC(02359.HK), weakened along with Hong Kong stock market sentiment 😔. Within the biopharmaceutical sector today, the situation was one where large-cap stocks held up against the decline, while CXO and policy-sensitive stocks remained relatively soft.

$Merck(MRK.US) rose more than three points, $Eli Lilly(LLY.US), and $Health Care Select Sector SPDR(XLV.US) also rose two to three points. Both large pharma and broad-based healthcare sectors are strengthening together. In a low-volatility environment, capital is flowing into defensive and steady-growth sectors like healthcare. Large pharmaceutical companies can rise without needing specific catalysts, and the long-term logic of $Eli Lilly(LLY.US)'s weight-loss drug is still providing support. Holding healthcare leaders at times like this is for stability; they may not rise quickly, but it gives peace of mind 😎

$HENGRUI PHARMA(01276.HK) basically didn't move, $Pfizer(PFE.US) rose slightly. In a volatile market, large pharmaceutical companies maintain this kind of steady state. $TRANSTHERA-B(02617.HK) however fell six points. Small biotech companies in the clinical stage are experiencing a pullback against the sector trend. Both are in the pharmaceutical business, but large companies are supported by stable cash flow, while small-cap stocks can only be tossed around by risk appetite.

Faced with this divergence, should one stick to the certainty of large pharmaceutical companies or take advantage of the pullback to position in small biotechs with clinical catalysts? The answer is more likely the former—before clear data milestones, the downside for small biotechs is often larger than imagined.

$Pfizer(PFE.US) barely moved, $Intuitive Surgical(ISRG.US) rose a little by one point, $Recursion Pharmaceuticals(RXRX.US) basically stayed flat — big pharma, surgical robots, and AI drug discovery have all been quiet lately. Earnings season hasn't arrived yet, so there's no reason for large-cap stocks to move ahead of time; $Recursion Pharmaceuticals(RXRX.US) is still waiting for its own data readout, while surgical robots rely on installations and consumables for gradual progress. The pharmaceutical sector is currently in a state of waiting for a catalyst. Without new data or earnings reports, it's hard for prices to find a direction 🤔

$Universe Pharmaceuticals(UPC.US) plummeted -50%, a sharp reversal from the previous day's +460% surge—that spike was driven by speculative buying triggered by an acquisition announcement for a premium patent stake, a typical low-liquidity Chinese pharmaceutical small-cap stock pulse, rising fast and falling just as quickly. Volatility of this magnitude usually has little to do with the company's fundamentals and more to do with shareholding structure and liquidity issues.

$Pfizer(PFE.US) and $Johnson & Johnson(JNJ.US) edged down slightly, while $Moderna(MRNA.US) was largely flat. There's been no specific news for these three multinational pharmaceutical giants over the past two days; they've just drifted slightly lower following the overall pharmaceutical sector sentiment. The magnitude of their price movements is completely different from that of $Universe Pharmaceuticals(UPC.US).

$Eli Lilly(LLY.US) rose slightly, $SBP GROUP(01177.HK) fell over one percent, and $INNOGEN-B(02591.HK) dropped eight percent. The three biopharma stocks showed divergence in Hong Kong and US markets today between GLP-1 and innovative drugs—$Eli Lilly(LLY.US) is expanding global channels for GLP-1 drugs Mounjaro/Zepbound and seeing sales ramp-up for its Alzheimer's drug; $SBP GROUP(01177.HK) is a leading Hong Kong-listed generic/innovative drug company that has completed a round of valuation repair; $INNOGEN-B(02591.HK) is a small-cap Hong Kong-listed Biotech suffering capital outflows.

Is it that GLP-1 hasn't found an independent growth curve among local Hong Kong-listed manufacturers, or is the valuation pressure on Hong Kong-listed Biotech itself weighing? It looks more like the latter—small-cap stocks like $INNOGEN-B(02591.HK), without cornerstone investor lock-ups, fall the fastest.

$Eli Lilly(LLY.US), $WUXI BIO(02269.HK), $WUXI APPTEC(02359.HK), $Hims & Hers Health(HIMS.US) were all basically flat, $Pfizer(PFE.US) dipped slightly, $SPDR S&P Biotech(XBI.US) rose a bit—this batch of pharma stocks was overall quiet.

The large caps didn't make any preemptive moves ahead of the earnings and healthcare policy window, CXO followed the pace of overseas orders, and small-cap biotechs lacking catalysts could only wait for data readouts🤔

$Regencell Bioscience(RGC.US) dropped -12% in a single day. This small-cap stock, which had previously surged, is right at the deadline for a class-action lawsuit. The legal uncertainty has scared off earlier speculative positions. $Tempus AI(TEM.US) and $Moderna(MRNA.US) both fell six to seven percentage points. AI diagnostics and vaccines each have their own pressures. $Pfizer(PFE.US) was basically flat, and $Recursion Pharmaceuticals(RXRX.US) dipped slightly. Today, in the biopharma sector, large pharma companies, AI drug discovery, and speculative small-caps had three completely different fates 😔. This kind of micro-cap stock, which relies purely on themes, experiences extreme volatility when news reverses. Without fundamental support, it really can't withstand a fall.

$WUXI APPTEC(02359.HK) rose over five percentage points, $AKESO(09926.HK) rose over four percentage points. Hong Kong-listed innovative drug stocks and CXOs are strengthening together, driven by expectations around AI drug discovery and overseas expansion. $Eli Lilly(LLY.US), on the other hand, dipped slightly. The logic for large pharmaceutical companies is different from that of small-cap innovative drug stocks; they are more weighed down by competition in weight-loss drugs and valuation digestion.

Both are in the pharmaceutical sector, but Hong Kong-listed innovative drug stocks are rebounding, while US-listed large pharma companies are taking a breather. Given this US-HK divergence, should we follow the current momentum in Hong Kong stocks, or wait for large pharma valuations to come down for a more stable entry?

$Eli Lilly(LLY.US), $HENGRUI PHARMA(01276.HK), and $AKESO(09926.HK) all saw slight pullbacks today, with similar magnitudes. The innovative drug sector has been stuck in a state where it can't go up much but also doesn't fall deeply. Holders are now in a dilemma: to reduce positions, but the long-term logic of GLP-1 and innovative drugs going global remains intact, and the risk of missing out is real; to hold, but there's no short-term catalyst, and valuations need to keep grinding. I personally prefer to hold steady - frequent trading in this kind of sideways consolidation with no news is likely to get you slapped on both sides. The real direction will have to wait for the next batch of clinical readouts or the conclusion of the national drug reimbursement negotiations. Are you reducing positions or continuing to hold?

$Pfizer(PFE.US) and $LONGBIO-B(01779.HK) both rose slightly, while $Regencell Bioscience(RGC.US) fell slightly—it's all minor moves in the pharma sector. The standout is $Intuitive Surgical(ISRG.US): the stock price has barely moved, but it has been lingering below the 50-day moving average for a while, with a 14-day RSI in the 30s. It's rare for a medtech leader to offer such a prolonged window of weakness.

The penetration logic for surgical robots hasn't changed at all; what's been discounted is the valuation, not the fundamentals. Is this kind of slow bleed in a blue-chip stock the "good company at a discount" scenario from the textbooks?

I personally think it is, but the discipline for left-side accumulation is to build the position in three tranches, don't go all-in at once. The bottom for a blue-chip can grind longer than you think 🤔

$Hims & Hers Health(HIMS.US) has dropped more than four percentage points. The regulatory shadow over the compound weight-loss drug business has never dissipated; it's the first to get hit at the slightest sign of trouble 😥. $Eli Lilly(LLY.US), $Johnson & Johnson(JNJ.US), $Pfizer(PFE.US), and $Nuvalent(NUVL.US) are all flat and unmoved. On days when the VIX spikes, big pharmaceutical companies play the role of ballast. Both are in the pharmaceutical industry, but the market has voted with volatility between business models carrying regulatory risk and those with stable cash flow.

$REMEGEN(09995.HK) and $HENGRUI PHARMA(01276.HK) both edged up slightly. In the innovative drug sector, there's a new overseas business development deal that catches the eye every few weeks, and licensing-out has evolved from an event into a business model.

The debate now shifts to valuation methods—should it be based on pipeline NPV, or should a premium be given for "BD options"? It makes sense to give an option premium to platform-type companies like $HENGRUI PHARMA(01276.HK), but doing the same for single-product biotech companies is a bubble. Do you think the market can distinguish between these two?

The overall performance of this batch of Chinese innovative drug stocks is relatively weak: BeiGene, Insilico Medicine, 3SBio, and Summit all saw slight declines, while WuXi AppTec edged up slightly. Hong Kong-listed biotech stocks have recently lacked new clinical or business development catalysts, and liquidity is also tight, leading the entire batch to follow sentiment in a slight pullback. The "selling picks and shovels" logic of CXO companies like WuXi AppTec is different from that of pure innovative drug companies, making them relatively more resilient to declines and barely able to turn positive.

Johnson & Johnson barely moved, staying stable all day. In today's environment where growth and small-cap stocks are being widely sold off, this lack of movement itself is a form of resilience. The big pharma blue-chip relies on stable cash flow and high dividends as a foundation, and when the market seeks safety, funds are willing to move here. The question is, is this defensive attribute still worth paying a premium for? My own view is that it's worth it in the short term—the strong dollar and geopolitical disturbances haven't eased, and although the VIX isn't high, capital is clearly picking targets with certain cash flows. Johnson & Johnson's kind of stable, neither rising nor falling much, is actually a quite comfortable holding state in a volatile market.

There's no major story in U.S. pharma stocks today. Johnson & Johnson barely moved, Moderna fell over two percentage points, with vaccine demand remaining sluggish and dragging on. Brainstorm Cell Therapeutics rose slightly, and small-cap biotechs have their own rhythm. Big pharma seeks stability within the expectations of medical insurance negotiations, while small caps fluctuate based on their respective clinical progress. Overall, everyone is waiting for a catalyst.

MetaVia soared +54%—clinical progress of the GLP-1 triple-target small molecule DA-1241/MTV-1093, and the market is treating it as a pure momentum play for the second wave of GLP-1 follow-ups. This kind of data-driven surge in micro-cap biotechs has a catalyst realization window concentrated in the two weeks around readout; barring any surprises, it will likely enter a pullback phase.

Lilly rose about three points, Intuitive Surgical basically didn't move, Impact Therapeutics-B fell more than two points — large Pharma + large medical device companies held steady, while Hong Kong small-cap Biotech stocks followed the sentiment downward.

Is it the large pharma earnings + GLP-1 main theme and Hong Kong Biotech liquidity issues widening the valuation gap, or are funds on the two sides completely out of sync?

It looks more like the former is already self-consistent — Lilly's GLP-1 continues to perform well, Intuitive Surgical's robotic surgery capex growth is stable, while Hong Kong Biotech stocks without clear clinical milestones see their volatility amplified by funding issues. The more than two-point drop in Impact Therapeutics looks more like a passive decline, not due to negative news.

WuXi Biologics, Innovent Biologics, and 3SBio barely moved; Insilico Medicine dipped slightly; JD Health fell over three percentage points—Hong Kong-listed biotech and innovative drug stocks were quiet overall today. This is the state when there's no specific clinical or contract news🤔

China Biologic Products rose by two to three points, with the progress of its innovative drug pipeline providing a floor; Innovent Biologics, Intellia Therapeutics, and 3SBio have basically been flat. The large-cap stocks are stable, with no surprises nor bombs, which is the recent norm for the Hong Kong and U.S. biopharmaceutical leading group.