Jill Wu, an analyst from CMB International Securities, maintained the Buy rating on Innovent Biologics. The associated price target is HK$102.95.
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Jill Wu’s rating is based on the promising advancements in Innovent Biologics’ pipeline, particularly with their next-generation immuno-oncology (IO) therapy, IBI363. This therapy has shown strong survival benefits in clinical trials, especially for IO-resistant and cold tumors, positioning it as a potential blockbuster treatment. The ongoing and planned trials for IBI363 in various cancer types, including melanoma and non-small cell lung cancer (NSCLC), further highlight its potential.
Additionally, Innovent’s robust portfolio of IO and antibody-drug conjugate (ADC) therapies positions the company at the forefront of future oncology drug development. The company’s strategic focus on innovative therapies, including those targeting multiple myeloma and other cancers, along with its expanding non-oncology pipeline, underscores its growth potential. Innovent’s progress towards achieving EBITDA breakeven and the increased possibility of success for IBI363 have led to an improved target price, supporting the Buy rating.
In another report released on June 30, Nomura also maintained a Buy rating on the stock with a HK$89.80 price target.
IVBXF’s price has also changed dramatically for the past six months – from $4.529 to $10.488, which is a 131.57% increase.