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研報掘金丨海通證券:予百利天恒“優於大市”評級,合理股價為214.73~226.83 元

海通證券研報指出,百利天恒(688506.SH)發佈BL-B01D1 針對UC、BTC、ESCC的優異數據。免疫治療聯合化療在近年來已逐漸成為UC、BTC、ESCC的一線首選,但兩者均治療失敗的後線治療缺少廣譜的可用藥物,BL-B01D1肩對肩對比其他新藥均展現出更優的疾病控制(ORR、DCR、PFS)以及良好的安全性(可控的血液毒性以及極低發生率的間質性肺炎)。該行認為其有望在未來成為上述領域的末線基石藥物。另外,BMS發佈2024 ESMO投資者交流文件, 針對BL-B01D1目前正在進行的全球I期泛瘤種劑量探索臨牀(NCT05983432),公司預計將於2025年讀出數據,並在2025年啟動註冊性臨牀。利用DCF估值法,對應合理股價為214.73~226.83 元,給予“優於大市”評級。

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