NEW YORK – UBS announced on Thursday that it has initiated coverage of Bio-Rad Laboratories, Fulgent Genetics, and BioTechne, with Buy, Neutral, and Buy ratings, respectively.

纽约——瑞士联合银行（UBS）周四宣布，它已开始对Bio-Rad实验室、Fulgent Genetics和BioTechne进行报道，评级分别为买入、中性和买入。

For Bio-Rad, UBS Analyst Dan Leonard and his colleagues wrote that the Buy rating reflects its view that Bio-Rad is positioned for outsized margin expansion over the next two years once volumes recover. Furthermore, UBS said that downturns and headwinds in process media and digital PCR are product cycles that will likely be overcome.

对于Bio-Rad，瑞银（UBS）分析师丹·伦纳德（DanLeonard）及其同事写道，买入评级反映了瑞银的观点，即一旦销量恢复，Bio-Rad将在未来两年内实现利润率的大幅增长。此外，瑞银表示，流程媒体和数字PCR的低迷和逆风是可能会克服的产品周期。

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UBS said risks to its $395 price target include 'greater than expected pressures from macro and capital markets cycle sensitivity, competitive share loss or market maturation in dPCR, inability to increase penetration of pharma/biotech customers, and inability to execute on cost-saves.'

瑞银表示，其395美元价格目标面临的风险包括“宏观和资本市场周期敏感性、竞争性股票损失或dPCR市场成熟带来的压力大于预期、无法提高制药/生物技术客户的渗透率以及无法实现成本节约。”

Although Fulgent is a growing business, UBS rated it Neutral due to an anticipated deceleration ahead and assigned its stock a $35 price target.

虽然富尔金特是一家成长中的企业，但由于预计未来会减速，瑞银将其评为中性，并将其股票定为35美元的目标价格。

'While we believe Fulgent can continue to grow its next-generation sequencing-based testing business … we expect growth will decelerate going forward,' Leonard and his colleagues wrote.

伦纳德（Leonard）及其同事写道：“虽然我们相信富尔金特（Fulgent）可以继续发展其基于测序的下一代测试业务……但我们预计未来的增长将放缓。”。

Specifically, Fulgent's efforts to utilize payer contracts from its acquisitions for NGS billing have developed more slowly than expected, UBS said, and although its expanded carrier screening offering is prominent, reimbursement in that category is challenging, and Fulgent's NGS-based oncology and pharma offerings are in the beginning stages.

瑞银表示，具体而言，富勤利用收购产生的付款人合同进行NGS计费的努力比预期发展得慢，尽管其扩大的运营商筛查服务非常突出，但该类别的报销仍具有挑战性，富勤基于NGS的肿瘤学和制药产品正处于起步阶段。

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Lower growth trends and limited visibility in the oncology and pathology spaces could also dampen Fulgent's growth momentum, according to UBS. 'Fulgent's therapeutic efforts might hold promise, but we believe investors are unlikely to attribute much value for at least the next two years while we await more clinical data,' the analysts said..

据瑞银（UBS）称，较低的增长趋势以及肿瘤学和病理学领域的有限能见度也可能会抑制富尔金特的增长势头分析师说，富尔金特的治疗努力可能会带来希望，但我们认为，在我们等待更多临床数据的过程中，投资者不太可能在至少未来两年内赋予太多价值。。

Other downside risks to investment in Fulgent include a potential inability to gain market share, reimbursement pressures that could add pricing headwinds, inability to secure pharma partnership deals, and costs associated with the proposed US Food and Drug Administration laboratory-developed testing regulation change..

投资富勤的其他下行风险包括潜在无法获得市场份额、可能增加定价阻力的报销压力、无法获得制药合作协议以及与拟议的美国食品和药物管理局实验室制定的测试法规变更相关的成本。。

BioTechne, on the other hand, was rated Buy by UBS with an $80 price target because its analysts see a return to double-digit growth after depressed demand related to the COVID testing boom.

另一方面，瑞银（UBS）将生物技术（BioTechne）评为买入，目标价为80美元，因为其分析师预计，在新型冠状病毒检测热潮导致需求低迷后，生物技术将恢复两位数的增长。

'Despite the hangover, we haven't lost faith that Bio-Techne's core protein reagents business has high-single-digit growth prospects,' Leonard and his colleagues wrote, adding that growth drivers in instruments as well as potential upsides in cell therapy should restore Bio-Techne's sales trend.

Leonard和他的同事写道：“尽管存在后遗症，但我们并没有失去对Bio-Techne核心蛋白质试剂业务具有高个位数增长前景的信心”，并补充说，仪器的增长驱动因素以及细胞治疗的潜在优势应能恢复Bio-Techne的销售趋势。

The UBS analysts were also 'heartened' that Bio-Techne's most recent long-range plan of greater than $2.0 billion in sales by FY28 seems reasonable. 'We believe the stock price reflects skepticism that Bio-Techne can return to double-digit sales growth and see this disconnect as a buying opportunity,' they wrote.

瑞银（UBS）分析师也感到“鼓舞”，因为生物科技（Bio-Techne）最近提出的到28财年销售额超过20亿美元的长期计划似乎是合理的他们写道：“我们认为，股价反映出人们怀疑Bio-Techne能否恢复两位数的销售增长，并将这种脱节视为买入机会。”。

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Risks to Bio-Techne investment include greater than expected deterioration in the macro and biotech funding environment, slower growth in pharma and biotech end markets, lower than expected FDA approvals of cell and gene therapies and a related decrease in research and development demand, as well as rising competition..

Bio-Techne投资的风险包括宏观和生物技术融资环境的恶化程度超出预期，制药和生物技术终端市场的增长放缓，FDA对细胞和基因疗法的批准低于预期，研发需求相关下降，以及竞争加剧。。

In Thursday afternoon trading on the New York Stock exchange, Bio-Rad's shares were down a fraction of a percent to $309.86, while Fulgent shares on the Nasdaq were unchanged at $26.52, and Bio-Techne's shares were up approximately 3 percent to $67.71.

周四下午在纽约证券交易所的交易中，Bio-Rad的股价下跌了一个百分点，至309.86美元，而纳斯达克的Fulgent股价保持不变，为26.52美元，Bio-Techne的股价上涨了约3%，至67.71美元。