Zhitong Financial APP learned that UBS issued a research report reiterating the "buy" rating of Yao Ming Juno-B (02126), mainly because the current valuation was undervalued.

The bank quoted that in addition to reimbursement, the average cost of patients before receiving CAR-T third-line treatment had reached 200000 yuan, and sales were expected to increase significantly only if the company's average CAR-T sales price dropped to between 150000 and 200000 yuan. By adjusting the peak sales forecast, the target price was reduced from HK $34.60 to HK $22.

According to the report, after a channel survey, it is believed that the development of CAR-T cancer immunotherapy is still at an early stage, and that the main treatments are currently concentrated in first-to second-tier cities with higher affordability.