UPDATE: Aegis Capital Initiates Coverage on Sinovac Biotech with Hold Rating, $2.50 PT
In a report published Wednesday, Aegis Capital Corp. initiated coverage on Sinovac Biotech Ltd. (NASDAQ: SVA) with a Hold rating and $2.50 price target.
Aegis Capital noted, “We are initiating coverage of Sinovac Biotech Ltd. (NASDAQ/SVA) with a Hold rating and a 12-month price target of $2.50 per share. While we note that the firm is operating in a traditionally high-growth arena - vaccine production - and is primarily targeting China, which has been among the fastest-growing vaccine markets of late, the vaccines business is cyclical and the firm has recently suffered from a weak influenza season and decreased public market sales. We expect to remain neutral on the name until evidence of sustainable sales growth and a return to profitability can be conclusively demonstrated.”
Sinovac Biotech Ltd. closed on Tuesday at $2.52.
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