Shares of Chinese biotechnology company WuXi AppTec (02359) surged 6.26% on Monday, despite the company reporting a 17% decline in its third-quarter net profit and a 1.96% drop in revenue. The rally came as a surprise, given the weaker-than-expected earnings performance.
However, analysts at Jefferies remained optimistic about the company's prospects, maintaining a "buy" rating on the stock. Jefferies stated that WuXi AppTec's Q3 results were in line with market expectations and consensus. Furthermore, the firm highlighted the company's accelerating growth in total backlog, indicating stronger revenue momentum ahead.
The positive sentiment from Jefferies and the prospects of robust revenue growth in the future appear to have outweighed the concerns over the Q3 earnings dip. Investors seem to be betting on WuXi AppTec's ability to capitalize on its growing backlog and drive future growth, driving the stock to its highest level since October 10th.
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