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UBS lowers Hesheng (02256.HK) target price to HK$17.5, reiterates "Buy" rating

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UBS published a research report stating that the share price of Abbisko-B (02256.HK) -0.140 (-1.233%) has dropped by approximately 35% since October 2025, compared with the 25% decline in the Hang Seng Innovation Pharmaceutical Index over the same period. The current price corresponds to a risk-adjusted price-to-sales ratio of only 0.9x, close to the lower end of the 0.8x to 3.0x range for China biotech peers, and the bank believes the stock has been overly sold off. The bank maintains a positive view of Abbisko’s differentiated product pipeline, reiterates a “Buy” rating, and cuts its target price from HK$22.9 to HK$17.5. It notes that the company’s flagship product Pimicotinib was launched in China in the first quarter of this year and has started contributing meaningful revenue, and that it has received a milestone payment of $13.52 million from Merck as well as China sales royalties due to licensing, broadly in line with expectations. UBS maintains its forecast for Pimicotinib’s global peak sales of RMB 12.7 billion and views it as a potential best-in-class therapy in the advanced tenosynovial giant cell tumor area. (gc/da) (HK stock quotes are delayed by at least 15 minutes. Short selling data as of 2026-07-08 16:25.)
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