SanBio downgraded to Sell from Neutral at Citi

Citi downgraded SanBio to Sell from Neutral with a price target of 1,100 yen, up from 500 yen, following the announcement of conditional regulatory approval for Akuugo. The firm now assumes that Akuugo will begin shipping in Feb-Apr 2025, previously 2026, following resolution of manufacturing issues. Citi assumes peak annual sales of 36B yen, as the requirement that all cases be surveyed for the time being limits the number of medical institutions that can use the drug and SanBio’s sales capabilities are also limited.