《大行》瑞銀上調信達生物(01801.HK)及百濟神州(ONC.US)目標價 續予「買入」評級
瑞銀發表生物科技股報告,分析73間上市中國生物技術公司上半年業績,包括合作收入的總收入按年升19%,淨虧損按年收窄67%。當中17間實現淨利潤,較去年同期多3間。截至上半年,有關生物技術公司總現金儲備按年升8%,去年上半年為按年跌5%。該行指,在77間按18A章在港上市的生物科技股中,35%過去一年完成或宣布後續融資,但現金狀況持續分化,資金跑道範圍由去年底的0.1至7.3倍,擴至上半年的0.1至19倍,中位數由去年底2.2倍升至上半年的2.9倍。
該行認為,授權轉讓、強勁商業化趨勢及研發催化劑或進一步提升領先生物技術公司的表現。該行看好信達生物(01801.HK),認為其產品線具前景,特別是IBI363(PD-1/IL-2)的全球研發潛力以及mazdutide商業化潛力。該行將其目標價由124.7元上調至137.4元,維持「買入」評級。
康方生物(09926.HK)為該行重點推薦股份,因預期將有多項關鍵數據更新,以及其核心資產伊沃西單抗與全球跨國公司的潛在合作。該行目前予224.3元目標價及「買入」評級。
該行又指,基於百濟神州(06160.HK)(ONC.US)近期關於sonrotoclax(BCL-2)積極試驗結果和在美國提交新藥申請的計劃,以及來自Royalty Pharma的8.85億美元預付款,對其ADR目標價由373美元上調至424美元,評級「買入」。
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