WSJ医疗行业Market Talks汇编：Moderna黑色素瘤mRNA疫苗数据获Wolfe中性升级、药明合联Citi上调目标价等券商笔记汇总

The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0743 GMT – WuXi XDC Cayman retains its bull at Citi Research on strong growth visibility following its 1H results. The healthcare services company’s management maintained its 2026 guidance for 30%-35% revenue compound annual growth over 2025-2030, while noting its total backlog—including milestone fees—has risen 62% on year, the Citi analysts note. It now expects a revenue CAGR in 2026-2035 of 26%, up from 24%, citing a stronger growth outlook. The bank raises its target price to 93.00 Hong Kong dollars from HK$73.00 and maintains a buy rating. Shares decline 3.6% to HK$77.30. (megan.cheah@wsj.com)

0545 GMT – EssilorLuxottica’s mainstay Ray-Ban eyewear brand could face a long-lasting reputational hit from privacy concerns associated with its line of smartglasses, Bernstein says. Ray-Ban’s smart models, produced with tech giant Meta, have suffered a public backlash from fears that wearers might use them to record interlocutors without knowledge or consent. “Women are the primary victims of smartglasses misuse [and] Meta’s smartglasses have become the lightning rod in the debate around privacy, surveillance and new technologies,” Bernstein’s analysts write. Damper expectations for the category could in reality be positive for EssilorLuxottica, given its likely dilutive effect on margins at the Franco-Italian group, they say. Still, “we wonder how much reputational damage has been done to the Ray-Ban brand,” Bernstein says. (joshua.kirby@wsj.com; @johualeokirby)

0531 GMT – Foundation Healthcare Holdings’ long growth trajectory is supported by rising healthcare utilization and other tailwinds, Jefferies analysts say in a research report. This tailwind together with ambulatory care adoption and industry consolidation are quickening demand for lower-cost, coordinated care, the analysts say. The company is one of Singapore’s largest private specialist platforms, and has a business model that combines specialist practices, medical centers and technology platform ‘AVA’ that produces benefits such as procurement efficiencies. The company’s ambulatory facilities positions it to gain from migration of care out of hospitals. Jefferies initiates coverage of the stock with a buy rating and a target price of 1.10 Singapore dollars. Shares are 4.9% higher at S$0.75. (ronnie.harui@wsj.com)

1659 GMT – Moderna’s finding that the mRNA-based vaccine it made with Merck successfully prevented cancer from spreading or returning in melanoma patients is “a big de-risking event for its personalized therapy approach,” Wolfe Research analysts write in a note, upgrading the stock to peer perform from underperform. The market’s ebullient response may suggest that some traders misunderstood the vaccine as a preventative treatment, they write, and Moderna may still not reach profitability until 2030. Still, the recent data, as well as Moderna’s cost-cutting efforts and its patent litigation settlement with Arbutus Biopharma and Genevant Sciences GmbH, lead to a balanced risk/reward at the stock’s current levels, the analysts write. Moderna’s stock gains 14% to $158.10 and has nearly tripled in value over the past month. (elias.schisgall@wsj.com)

1233 GMT – Novo Nordisk’s sales growth could be flat this year, J.P. Morgan says. The Danish drugmaker recently raised its guidance and now forecasts sales growth ranging from flat to minus 6%. The bank raises its 2026 sales forecasts by 5%, largely due to higher forecasts for diabetes and weight-loss drugs Ozempic and Wegovy, partially offset by slowing launch momentum of oral Wegovy in the U.S. Novo Nordisk’s top-line could still see modest 1% growth in 2027, JPM says. The bank expects 2% sales growth in 2028, with any further acceleration largely dependent on the successful development of zenagamtide, particularly in the oral format, which could have the highest weight loss of any of the oral drugs. JPM retains its neutral rating for the stock and lifts its price target to 275 Danish kroner from 250 kroner. Shares rise 2.2% to 305.80 kroner. (dominic.chopping@wsj.com)