Capital gradually calmed down on innovative drugs, and many pharmaceutical new shares broke on the day of listing

【Pharmaceutical Network Pharmaceutical Stock Market】Since the second half of 2021, affected by the new policy to crack down on "pseudo-innovation", IPOs in the pharmaceutical industry have broken frequently, and the entire sector has entered a watershed
from hot to cold.
After a year of adjustment, the confidence of the capital market in the industry has rebounded, but on the whole, capital has gradually calmed down on innovative drugs, and there are still many pharmaceutical new listings that broke on the same day of listing
recently.
On October 11, the new drug research and development company Bede Pharma officially landed on the science and technology innovation board, its issue price was 88 yuan / share, corresponding to a price-earnings ratio of 63.
56 times, and the stock closed at 67.
41 yuan / share, which broke on the same day
.
The analysis believes that the main influencing factor of the stock breakdown is that the price-earnings ratio of the issue is too high
.
According to the company's issuance announcement, the price-to-earnings ratio of Bede Pharma is 63.
56 times, while as of September 20, 2022 (T-3), the average static price-to-earnings ratio of research and experimental development (M73) released by China Securities Index Company in the past month is 47.
65 times
.
It can be seen from the data that the price-to-earnings ratio of Bede Pharma is significantly higher than the industry average
.
According to the data, Bede Pharma focuses on the front end of the new drug R&D industry chain, relying on the core business of R&D, design, production and sales of drug molecular building blocks, and can provide new drug research and development institutions with novel structure and diverse functions of drug molecular building blocks and scientific reagents and other products
.
On September 21, InnoCare, which focuses on the development of new drugs, landed on the science and technology innovation board at an issue price of 11.
03 yuan per share, which also broke through on the first day of listing, reporting 10.
70 yuan
.
As of the close, the stock was reported at 9.
33 yuan, down 15.
41%, with an amplitude of 18.
04% and a turnover of 1.
082 billion yuan
.
It is reported that in this listing, InnoCare plans to raise 4 billion yuan, of which 2.
151 billion yuan will be used for new drug research and development projects; RMB167 million for drug R&D platform upgrade projects; 394 million yuan for marketing network construction projects; 87.
7385 million yuan for information construction projects; 1.
2 billion yuan to supplement working capital
.
The analysis believes that there are many reasons behind the breakdown on the first day of InnoCare's listing, such as the rapid pace of issuance of listed pharmaceutical companies, the unclear impact of innovative drugs by policies, and the high-priced issuance caused by blind investment in innovative drugs in the market
.
Judging from the pharmaceutical IPOs that broke out in the past, most of them have the characteristics of insufficient innovation, and some products may have innovative points, but compared with the products that have been circulating in the market for many years, they fail to highlight the essential changes
in clinical value.
It can be seen that the rationality of investors and institutions on IPO returns is gradually returning, and the enthusiasm for innovative drugs is gradually calming down, which is conducive to the emergence
of pharmaceutical companies with real innovation capabilities.
In the long run, many brokerages are still optimistic about the market of
the pharmaceutical sector in the fourth quarter.
Kaiyuan Securities expects that the performance of CXO, medical devices, and medical services sectors in the third quarter will continue to improve year-on-year, and the fourth quarter is expected to usher in a valuation switch
.
In the fourth quarter, we recommended the traditional Chinese medicine (low valuation, stable performance, policy-friendly), medical equipment (order release), serious medical services (just needed, valuation correction) sectors, as well as CXO and retail pharmacies with valuations at historical bottoms
and good performance.
Deppon Securities said in the research report that the current strategic allocation of the sector is the starting point, under the positive signals released by medical insurance, the market's attention to the pharmaceutical sector has gradually increased, and it is expected to continue to obtain active allocation
of non-pharmaceutical funds.
It is recommended to pay attention to consumer healthcare, traditional Chinese medicine, devices, innovative drugs and industrial
chains.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice
to anyone.