研報掘金丨海通證券:首予益方生物“優於大市”評級,目標價19.31~21.52元
海通證券研報指出,認爲口服藥物是海外銀屑病治療的未來趨勢,近年來MNC由於相關專利到期因素加速佈局該賽道。益方生物(688382.SH)披露D-2570針對銀屑病治療的II 期優異初步結果,其不僅展現出在整個TYK2抑制劑領域的BIC潛力,且臨牀數據肩對肩可媲美生物製劑,我們看好D-2570的全球競爭力及後續可能的對外授權機會。D-2570是一款由公司自主研發的TYK2小分子口服抑制劑。2024年12月3 日,公司披露D-2570針對銀屑病治療的II 期臨牀積極結果:在治療12周時,D-2570 低中高三個劑量組PASI100應答率達39-50%,顯著優於安慰劑組(2.5%)。此外,公司披露的其他有效性數據包括PASI75、PASI90、sPGA0/1同樣優異,且安全性良好,不良反應大部分爲輕中度,未出現SAE。給予益方生物的合理價值區間爲19.31~21.52元,首次覆蓋,給予“優於大市”評級。
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