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Sinovac Biotech upgraded at Aegis Capital

  • Sinovac Biotech (SVA -0.5%) takes a breather today after yesterdays big jump on a solid Q2.
  • Aegis Capital upped the shares from Hold to Buy earlier on the the back of the strong report with a $7 price target.
  • In the report, Aegis Capital notes that revenue easily beat its projections, mainly due to higher sales of the its hepatitis vaccines.
  • The firm also was encouraged by management's annnouncement that the NDA review of the EV71 vaccine targeting hand, foot, and mouth disease is moving into the technological review process stage at the Center for Drug Evaluation of the SFDA (the Chinese equivalent of the U.S. FDA).
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