- News for Xero
UBS Keeps Their Buy Rating on Xero Limited (XROLF)
UBS analyst Lucy Huang maintained a Buy rating on Xero Limited ( XROLF – Research Report ) today and set a price target of A$156.00. The company’s shares closed last Tuesday at $86.75.
According to TipRanks , Huang is a 3-star analyst with an average return of 2.6% and a 40.91% success rate. Huang covers the Communication Services sector, focusing on stocks such as REA Group Ltd, Telstra Corporation Limited, and TPG Telecom Limited.
Currently, the analyst consensus on Xero Limited is a Moderate Buy with an average price target of $102.07, implying a 17.66% upside from current levels. In a report released yesterday, Goldman Sachs also maintained a Buy rating on the stock with a A$164.00 price target.
XROLF market cap is currently $13.36B and has a P/E ratio of 124.06.
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Xero Limited (XROLF) Company Description:
Xero Ltd. engages in providing online business solutions for small businesses and their advisors. The company founded by Rodney Kenneth Drury and Hamish Edwards on July 6, 2006 and is headquartered in Wellington, New Zealand.
Read More on XROLF:
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- Australian Stocks: Xero Shares Soar After Earnings Boom
- Xero Limited Balances Growth with Climate Goals
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AstraZeneca, Merck, GSK Struck Record $44.1B Licensing Deals With Chinese Drugmakers In 2023: Report
W estern pharmaceutical companies and investors are driving a record number of licensing deals with Chinese drugmakers struggling to fund late-stage drug development and global expansion.
What Happened : According to UBS Research, companies like Merck (NYSE:MRK), GSK (NYSE:GSK), and AstraZeneca (NASDAQ:AZN) signed a record $44.1 billion in biotech licensing deals last year, the Financial Times reported on Sunday. The trend continues in 2024, with $9.8 billion worth of deals in the first quarter.
Western pharma companies are expanding their product pipelines as they face patent expirations of lucrative drugs. Meanwhile, Chinese drugmakers are struggling to raise funds domestically due to a stock market slump and a pricing regime overhaul that forces them to drop prices of innovative drugs.
Helen Chen , head of LEK Consulting's healthcare practice in Shanghai, noted that Chinese companies face funding constraints just as their biotech investments are starting to show results. Beijing's campaign to drive down drug prices has pushed these companies to seek growth overseas.
Despite rising geopolitical tensions and slowing economic growth, Western interest in Chinese pharma remains strong. Chen Chen, a healthcare analyst at UBS, highlighted that many global pharmaceutical companies are looking to expand their portfolios as numerous drug patents are set to expire soon.
See Also: Eli Lilly Makes Largest Manufacturing Investment In Its History To Boost Production For Antidiabetic And
Most deals involve U.S. or European companies licensing Chinese-made drugs at low prices, providing capital for further development, clinical trials, and commercialization. Some deals also include rights to sell within China.
In December, Merck made a $70 million upfront payment for the Chinese rights to license Shanghai-based biotech group Abbisko's treatment for benign joint tumors. The license includes an option for overseas commercialization.
This month, Shanghai-listed Jiangsu Hengrui Pharmaceuticals sold the overseas license for a portfolio of weight loss drugs to Hercules CM NewCo for $110 million, with additional payments upon regulatory milestones and royalties if commercialized. Hengrui also received a 20% stake in Hercules.
Why It Matters : The surge in licensing deals between Western and Chinese pharmaceutical companies comes amid increasing scrutiny and geopolitical tensions. In March, Congressional scrutiny intensified on Chinese biotech firms , with companies like WuXi AppTec facing significant challenges. This scrutiny is partly due to concerns over intellectual property and national security.
Later in the same month, U.S. intelligence accused a Chinese pharma giant of illegally sharing secrets with Beijing, further complicating the landscape for Chinese biotech firms. These developments highlight the complex environment in which these licensing deals are occurring, with both opportunities and risks for the involved parties.
Read Next: 5 Forgotten Breakfast Cereals That Are Not Only Healthy But Downright Delicious
Image by Robert Way via Shutterstock
This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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This article AstraZeneca, Merck, GSK Struck Record $44.1B Licensing Deals With Chinese Drugmakers In 2023: Report originally appeared on Benzinga.com .
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UBS analyst Lucy Huang maintained a Buy rating on Xero Limited ( XROLF - Research Report) today and set a price target of A$156.00. The company's shares closed last Tuesday at $86.75 ...
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What Happened: According to UBS Research, companies like Merck (NYSE:MRK), GSK (NYSE:GSK), and AstraZeneca (NASDAQ:AZN) signed a record $44.1 billion in biotech licensing deals last year, the ...
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