[Click e-Stock] "PharmaResearch Target Price Cut... Long-Term Outlook Remains Positive"

Sangsangin Securities announced on March 5, 2026, that it is maintaining its "Buy" investment opinion on PharmaResearch, but has lowered its target price to 600,000 won.

Ha Taegi, a researcher at Sangsangin Securities, explained, "The share price is currently undergoing an adjustment, focusing on the slowdown in previously high growth." He added, "Driven by expectations of a performance recovery, the price temporarily rebounded to the 560,000 won range in January, but soon fell to the 280,000 won level."

Ha noted, "In Korea, the market potential for extracellular matrix (ECM) skin boosters is even greater due to a supply shortage. Therefore, domestic sales of PharmaResearch's ECM booster, Rejuran, are expected to grow by 22%. In the long term, as the company expands into Europe, Thailand, and Brazil, medical device sales for PharmaResearch are projected to increase by 33% this year."

He continued, "Thanks to the halo effect of the Rejuran brand, cosmetics sales in both domestic and overseas markets are also expected to rise by 32.3% in the first quarter of this year. The number of stores entering the Sephora channel in China will increase (to 180 stores), and a contract is also planned for entry into Sephora in the United States."

However, it may take some time for the share price to recover. Ha explained, "This is because there is strong demand to buy after confirming domestic sales growth in earnings announcements." He added, "A turning point in the share price could occur at the time of the first quarter earnings release or the second quarter business results announcement this year."

This content was produced with the assistance of AI translation services.