On September 10, HENGRUI PHARMA fell 3.13% in regular trading, trading at HK$44.5/share, with turnover of HK$51.87 million.
The decline came amid a broad selloff across the pharmaceuticals sector, despite the company announcing that its subsidiary Fujian Shengdi Pharmaceutical received regulatory acceptance from China's NMPA for the marketing application of a GLP-1 class injectable drug indicated for glycemic control in adult type 2 diabetes patients. Phase III data showed the 4mg dose group achieved an HbA1c reduction of 2.67% at week 36, with a favorable safety profile consistent with marketed GLP-1 drugs.
However, continued headwinds weighed on sentiment. The company's H1 results disclosed in August revealed its first half-year revenue decline in four years, with revenue of RMB 15.456 billion falling 1.94% year-over-year. Additionally, prominent fund manager Ge Lan was reported to have reduced her HENGRUI PHARMA position, while JPMorgan's short position in the H-shares rose to 3.72%.
Within the Pharmaceuticals sector, CSPC Pharma fell 4.12%, Fosun Pharma fell 4.57%, Hansoh Pharma fell 3.28%, SBP Group fell 1.78%, and ChinaRes Pharma fell 1.70%.
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