Fu Rui released a research report saying that it would be lowered.$CANSINOBIO-B (06185.HK)$Rated as "outperforming the big market", the target price has been reduced by 48% from HK $203 to HK $106. The company's share price has risen by about 117% in the past five days, believed to be due to news that its inhalable vaccine will be available for deployment in Shanghai and 13 cities in Jiangsu province.

The bank believes that the company's consumption of inhaled vaccine is not enough to justify the recent surge in stock prices. Assuming that the average price of the vaccine is 40 yuan per dose, CANSINOBIO has a 50% market share with 75% penetration of enhancers among eligible people, which means sales of 8 billion yuan. In addition, CANSINOBIO's income fell sharply in the third quarter due to weak demand for COVID-19 vaccine; the company recorded an asset impairment of 526 million yuan in COVID-19 's vaccine inventory in September 2022.