CMB International Securities analyst Jill Wu maintained a Buy rating on Innovent Biologics (IVBXF – Research Report) today and set a price target of HK$61.71.
Jill Wu has given her Buy rating due to a combination of factors that highlight Innovent Biologics’ strong financial performance and promising future prospects. The company achieved profitability earlier than expected in FY24, with impressive non-IFRS net and EBITDA profits, primarily driven by robust product revenue growth and significant one-off license fee income. This financial strength is further supported by a substantial cash reserve, positioning Innovent well for future investments and growth.
Additionally, Innovent’s strategic focus on next-generation immuno-oncology (IO) therapies and antibody-drug conjugates (ADCs) underscores its potential for global leadership in oncology. The company is advancing several promising clinical programs, including the IBI363 therapy, which has the potential to become a blockbuster treatment. Innovent’s expanding pipeline, which includes innovative therapies in cardiovascular and metabolic diseases, as well as oncology and autoimmune diseases, further strengthens its growth outlook. These factors, combined with anticipated approvals and continued profitability, justify the Buy rating and an upward revision of the target price.
In another report released on March 28, Bernstein also maintained a Buy rating on the stock with a HK$47.00 price target.