In today’s briefing:
- FXI Rebalance Preview: Two Potential Changes in March
- Caregen (214370 KS): ProGsterol May Rebound in 2024; Ophthalmic and COVID-19 Pipeline To Watch
- 2024 High Conviction Update: Innovent (1801.HK)- New Business Progress Reinforces Optimistic Outlook
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FXI Rebalance Preview: Two Potential Changes in March
- With a few weeks to go in the review period, CGN Power (1816 HK) and Yankuang Energy Group (1171 HK) could be added to the ETF in March.
- China Resources Beer Holdings (291 HK) and Wuxi Biologics (2269 HK) are potential deletions while there is another stock close to deletion zone.
- There are a lot of shorts on Yankuang Energy in terms of days of ADV and as a percentage of float while short interest on the other stocks is lower.
Caregen (214370 KS): ProGsterol May Rebound in 2024; Ophthalmic and COVID-19 Pipeline To Watch
- Riding on multiple export contracts, Caregen Co Ltd (214370 KS) was confident of achieving KRW60–100B revenue from ProGsterol in 2023. However, during 9M23, ProGsterol clocked revenue of KRW8.5B.
- ProGsterol should rebound in this year, with the resumption of registration process in each country. Direct entry in the U.S. should be the strong catalyst for ProGsterol revenue this year.
- Caregen is developing an eye drop for wet macular degeneration. This is in phase 1 trial. The compay is preparing for phase 2 trial for COVID-19 nasal spray in Israel.
2024 High Conviction Update: Innovent (1801.HK)- New Business Progress Reinforces Optimistic Outlook
- Innovent has launched head-to-head phase III clinical trial of Mazdutide and Semaglutide. If the challenge is successful, it will have milestone significance. Domestic sales of Mazdutide will look very promising.
- Innovent received negative news on CEACAM5 ADC/KRAS G12C.When independent R&D cannot be relied upon, Innovent has to seek new sources of growth to make up for the remaining sales gap.
- There’s nothing wrong with Innovent’s development strategy by balancing both success rate and efficiency, although Innovent is hard to become a leader in cutting-edge R&D. We remain optimistic on Innovent.