[Alpha Biz=(Chicago) Reporter Kim Jisun] Mirae Asset Securities raised Cgen's investment opinion to 'buy'.

"The company will raise its target share price to 37,000 won from the previous 25,000 won, reflecting a rise in its earnings estimate. Our investment opinion will also be raised to 'purchase' in consideration of a 46 percent increase," Mirae Asset Securities Co. said in a report.

Mirae Asset Securities Co. cited Seegen's target price and the rise in investment opinions as a partial recovery in sales of non coronavirus diagnostic kits, which were lowered during the pandemic period. It also predicted that operating profit will turn into a surplus this year.

Mirae Asset Securities said, "The quarterly sales of diagnostic kits have recovered to 106 million won. In 2024, it will increase to the level before the pandemic (117 million won)."

Meanwhile, diagnostic device developer Cgen is trading at 25,700 won, up 1.38% (350 won) from the previous trading day at 2 pm on the 20th.

Sales fell 57% year-on-year to 367.4 billion won and operating losses reached 30.1 billion won last year.

 

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