WuXi Biologics’ stock slides 24% as manufacturing business slows amid biotech downturn
WuXi Biologics stock has plummeted 24% to the lowest it’s been this year after the Hong Kong stock exchange closed Monday morning, as the manufacturer cites slower business due to biotech funding slowdown.
“Our industry is going through a tough time,” the company said in an investor presentation on Monday, due to the challenging macroeconomic environment causing a downturn in CRDMO businesses.
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