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[Alpha Biz=(Chicago) Reporter Paul Lee] Heungkuk Securities offered the target stock price of Chong Kun Dang at KRW 150,000. Analysts say that the results of new drug development will be reflected in the fourth quarter and the end of the year based on stable sales growth. The investment opinion suggested a 'buy'.
"Chung Kun Dang's sales in the third quarter were KRW 403.6 billion and operating profit was KRW 55.7 billion, exceeding the consensus," Heungkuk Securities said on the 23rd. "Among major items, drug prices were lowered due to the expiration of the patent, while the health functional food market expanded and new products began to attract attention."
On the 6th, Chong Kun Dang signed a 1.7 trillion won technology export contract with Novartis of Switzerland for the research, clinical development and commercialization rights of CKD-510, an inhibitor of histone deacetylation enzyme 6 (HDAC6).
"The R&D plan is for Novartis, which is expected to expand various indications in the existing Sarcomatus disease," Heungkuk Securities said. "This contract has proven R&D technology, and we believe that it is possible to license other pipelines in the future."
Heungkuk Securities went on to say, "There is growing interest in whether K-Cap, which accounts for a large portion of Chong Kun Dang's sales, will renew its nose marketing," adding, "The other party will also positively judge the renewal with Chong Kun Dang, which has established a solid position in the domestic market by strengthening our domestic sales power."
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
