STOCKS | Jefferies Cuts Tigermed Price Targets After Share Slump

Tigermed's A shares fell 1.9% to RMB50.45 and its Hong Kong-listed shares dropped 3% to HK$38.76 in afternoon trade, according to ETNet. Jefferies cut its A-share target price on Tigermed to RMB55 from RMB65 and lowered its H-share target to HK$45 from HK$55. The broker said China's outbound licensing trend is unlikely to materially benefit Tigermed's late-stage clinical trial business because many multinational pharma buyers in China still retain their own clinical development capabilities. Jefferies added that clinical CRO projects typically run for two to three years, so any pricing recovery may take longer to feed through to earnings. It cited projects completed in the first half of 2026 as having been signed during the pricing trough in the second half of 2023. Tigermed's A shares have fallen nearly 11% this year, while its Hong Kong shares are down about 8.6%.