Fly News Breaks for March 11, 2019
Mar 11, 2019 | 08:23 EDT
Jefferies analyst Johnny Wong downgraded China Biologic Products Holdings to Underperform from Hold and lowered his price target for the shares to $62 from $67. The company's short-term prospects could have "more potential downside"as the nationwide ancillary drug list could drastically cut sales of placenta polypeptide while increasing selling expenses, Wong tells investors in a research note. The analyst sees a "strong possibility" that placenta polypeptide could be included in the nationwide ancillary drug list later this year, which he notes would further affect China Biologic's sales.
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