China's GenScript Biotech jumps most in 7 months on unit's strong sales

Genscript Biotech

19/10/2022 03:30

** Shares of China's GenScript Biotech Corporation  1548.HK 
jump as much as 13.1% to HK$20.50, set for their biggest daily
pct rise since March 16 — if gains hold
    ** Stock of the Jiangsu-based biotech firm hits the highest
since Sept. 16 and on course for a second session of gain,
tracking a 14.2% jump in its U.S.-listed Legend Biotech Corp
 LEGN.O  
    ** GenScript's unit Legend Biotech Corporation  LEGN.O 
announces that CARVYKTI™ generated about $55 mln in net trade
sales during the quarter ended Sept. 30, pursuant to the
Collaboration and License Agreement with Johnson & Johnson's
 JNJ.N  Janssen Biotech Inc  urn:newsml:reuters.com:*:nFWN31J3T8
    ** BTIG says in a research note that the $55 mln 3Q22 net
trade sales is up 129% Q/Q from 2Q22 net trade sales of $24 mln,
exceeding expectations and signalling that Legend and JNJ are
ramping sales early in the launch with expectation of meaningful
increases over the next two years 
    ** The Hang Seng Commerce & Industry Index  .HSNC  and
healthcare index  .HSCIH  both fall 1.6%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  each slip 0.7%
    ** As of last close, GenScript stock had dropped 47.5% this
year
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))