《大行報告》野村上調康寧傑瑞製藥-B(09966.HK)目標價至25.1元 評級「買入」
野村發表的研究報告指,5月7日康寧傑瑞製藥(09966.HK)宣布將於2021年美國臨床腫瘤學會年會以摘要及海報呈列發佈KN046(一種重組人源化PD-L1/CTLA-4雙特異性抗體)及KN026(一種基於Fc的抗HER2雙特異性抗體)的研究進展,該行指出經過澳洲一期臨床實驗有正面效果後,認為兩個主要重點分別是胰臟癌及非小細胞肺癌的一線治療進展,同時亦估計公司將在下半年更新KN046的整體存活期數據。
公司指出對PD-1無反應的非小細胞肺癌患者整體存活期僅8-10個月,主要因為無標準化治療,而KN046-CHN-001的初步數據則顯示疾病控制率達50%,而整體存活率為12個月,反映KN046有望改善病人整體存活期。
另一方面公司於今年首季與輝瑞合作,探索KN026與Palbociclib的臨床效果,估計下半年在KN026海外商用授權或有進展,而公司在2021-23年將繼續優先開發KN046及KN026。
該行重申對康寧傑瑞製藥「買入」評級,目標價由17.2元升至25.1元,並提升對KN046產品線成功率預測,估計KN046收入貢獻在2025年後將增。(el/a) ~
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