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Bellwether Wuxi Biologics' Plunge Indicative Of China Biotech Challenges

Forecasts Hauled Back

 
• By Brian Yang

Major Chinese biopharma contract services group WuXi Biologics' share price plummeted after it said external factors would contribute to it missing original revenue targets this year in multiple areas.

China Shanghai stock market crisis red price arrow down chart fall. The concept dependence of economic decline on spread disease. Business analytic infographics. Coronavirus 2019-nCov. Pandemic virus
WuXi Biologics reports rare revenue miss, share prices plunge underscores broader biotech sector downturn • Source: Shutterstock

On 4 December, shares in WuXi Biologics suffered their worst single-day drop of 23.8% after the major Hong Kong-listed, China-based biopharma services and manufacturing group slashed revenue growth projections.

The stock opened at HKD33.85 ($4.33) versus the previous day's closing price of HKD43.45, ending the day at HKD30

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