HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

CARSgen Therapeutics (2171.HK) - Pain Points Have Not Been Effectively Resolved

Gracell Biotechnologies Inc (GRCL.US) - May Fail to Solve the Real Pain Points in CAR-T Field

China Healthcare Weekly (Dec.31)-New Medical Device Policy, AstraZeneca to Acquire Gracell, PD-1+ADC

China Healthcare Weekly (Feb.10) - Assisted Reproduction into NRDL, Cell Therapy, Medicilon, IRay,

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) - Start to Enter a Vicious Circle

Genscript Biotech (1548.HK) - Inadequate Cognition Will Lead to Bad Investment Decisions

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Gracell Biotechnologies Inc / Equity Bottom-Up

<ul>
<li>Although the pipeline has characteristics, Gracell’s R&amp;D progress cannot catch up with the speed of the transformation of global CGT investment climate. Its commercialization performance could be much lower than expected. </li>
<li>There’s “practical obstacles” for the use of CAR-T, which cannot solve the actual clinical needs at this stage. Doctors would choose other solutions. So, the actual market space is small.</li>
<li>Investors can do short-term trade when Gracell’s valuation is lower than peers, but due to the highly uncertain long-term prospects of this company, we do not recommend long-term hold.</li>
</ul>


Although the pipeline has characteristics, Gracell’s R&amp;D progress cannot catch up with the speed of the transformation of global CGT investment climate. Its commercialization performance could be much lower than expected. 
There’s “practical obstacles” for the use of CAR-T, which cannot solve the actual clinical needs at this stage. Doctors would choose other solutions. So, the actual market space is small.
Investors can do short-term trade when Gracell’s valuation is lower than peers, but due to the highly uncertain long-term prospects of this company, we do not recommend long-term hold.


Gracell Biotechnologies Inc (GRCL.US) - The Overall Outlook for CAR T Therapy Is Highly Uncertain