[THE INVESTOR] Medytox will strengthen its market share in Korea by lowering prices, said Korea Investment and Securities on Nov. 29, maintaining a “buy” recommendation and raising the target price to 590,000 won (US$544.33) from 520,000 won.
It adjusted price of botulinum toxin was 20 percent lower in July and its revenue at home spiked to 10 billion won in the third quarter from 6.5 billion won in the previous quarter, said analyst Jin Hong-guk.
Considering that they are a low season, the price adjustment seems to have triggered the market share expansion and will continue to be effective in the fourth quarter, said the analyst.
The biopharmaceutical company has completed clinical trials in China in June and will be able to win final approval and launch products in 2019, according to Jin.
Although its third-quarter earnings have been slow, it will recover fast, forecast the analyst.
By Hwang You-mee (email@example.com)