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《大行》交銀國際升康方生物(09926.HK)目標價至140元 維持「買入」評級
阿思達克 07-15 09:58
交銀國際發表報告指,康方生物(09926.HK)旗下依沃西海外註冊和適應癥拓展全速推進,下一代I/O基石潛力初顯,看好依沃西單抗海外審批前景。同時,今年以來康方在中國內地啟動多項III期研究,涵蓋多項患者群體大、治療手段有限的適應癥,依沃西取代 PD-(L)1單靶成為新一代I/O基石藥物的路徑逐步清晰。相應上調依沃西中國經PoS調整銷售高峰至71億元人民幣。 該行預計,在依沃西之後,未來2-3年內有機會看到卡度尼利等更多資產在海外註冊上市/BD的潛在路徑,建議持續關注上述研究的數據讀出以及後續臨床項目啟動情況。 交銀國際將康方生物目標價由115元升至140元,維持「買入」評級。短期重點催化劑包括HARMONi研究海外申報及完整數據公布;AK112-306研究在ESMO2025上發表;第四季多款產品/適應症醫保談判結果;ADC等更多早期項目推進。
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