Celltrion rebuts JP Morgan’s heavy downgrade; shares rebound from sharp fall
Bum-Jin Chun
Sep 10, 2020 (Gmt+09:00)
South Korea’s Celltrion Inc. on Sept. 10 rebutted J.P. Morgan’s massive downgrade of its target price for the biopharmaceutical company. The stock plunged as much as 6% the previous day on the downward revision.
J.P. Morgan’s negative views on its stock are “questionable” and thus its rating on the company is unreliable, Celltrion said in a statement posted on its website.
“We suspect that its (J.P. Morgan’s) report is skewed to produce a negative conclusion of our companies against our rivals,” the statement said. “The reliability of the report is questionable.”