April 25, 2024

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[THE INVESTOR] Morgan Stanley has repeatedly suggested the share price of biopharmaceutical firm Celltrion Inc. more than halve, sparking speculation of a short-selling attack.

In a report released Oct. 18, a Morgan Stanley researcher set the target price of the South Korean company at 80,000 won (US$70.7), citing its unrealistic business goals in European and U.S. markets. The researcher maintained the forecast in reports issued Oct. 24 and 25.

Morgan Stanley‘s outlook was 42 percent of the company’s closing price of 191,700 won on Oct. 18. Its shares plunged to 175,200 won the following day and fluctuated until they closed at 175,000 won on Friday.

The report said Celltrion‘s goals of capturing 50 percent of the European and U.S. markets in 2018 with its copy products Remsima and Truxima, respectively, are unlikely to be reached.

In comparison, 16 South Korean securities firms suggested an average target price of 179,063 won per share as of Thursday, according to market tracker WISEfn Corp.


By Park Ga-young and newswies (gypark@heraldcorp.com)