Alexis Yan, an analyst from Morgan Stanley, maintained the Buy rating on Jiangsu Hengrui Pharmaceuticals Co., Ltd. Class H. The associated price target was raised to HK$86.00.
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Alexis Yan’s rating is based on Jiangsu Hengrui Pharmaceuticals’ strategic out-licensing agreement with Braveheart Bio, which grants the latter ex-Greater China rights to the myosin inhibitor HRS-1893. This deal includes a significant upfront payment and potential milestone payments, indicating strong commercial prospects. The Phase 1 data for HRS-1893 showed promising results in reducing obstructive symptoms with a favorable safety profile, which enhances its competitive positioning in the global market.
Furthermore, HRS-1893’s ongoing Phase 3 trial in China for obstructive hypertrophic cardiomyopathy (oHCM) is progressing rapidly, with a large patient enrollment target. Its shorter half-life compared to competitors may allow for more flexible dosing and potentially better safety outcomes. These factors collectively contribute to a positive outlook for Hengrui’s stock, justifying the Buy rating.