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大行評級|摩根大通:重申康方生物“增持”評級 指股價調整為買入機會
摩根大通報吿指,康方生物發佈將於美國臨牀腫瘤醫學會2024年年會上發表藥物AK112首個第三階段測試數據的摘要,顯示該藥針對EGFR基因突變導致非小細胞肺癌病人,無惡化存活期中位數為7.1個月,風險比為0.46,表現符合或略勝於該行預期的7至8月存活期及0.6至0.7風險比。該行指出促使股價急跌的兩項主要憂慮,包括AK112的無惡化存活期中位數,少於sintilimab單抗加癌思停標靶藥使用的7.2個月,客觀反應率由第二階段的68 %降至第三階的51%。該行認為股價急跌意味市場認為AK112沒有價值,但有關觀點並不合理,尤其該藥已獲中國批准。該行料AK112藥物在高峯時佔公司收入比例可達41%,扣除專利收益則為26%。該行重申對康方生物“增持”評級,並指股價調整為買入機會,目標價維持59港元。
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