Leerink bullish on Adlai Nortye, initiates with an Outperform

As previously reported, Leerink initiated coverage of Adlai Nortye (ANL) with an Outperform rating and $23 price target The firm says Adlai Nortye represents the next generation of Chinese biopharma, developing a pipeline of innovative RAS-targeted approaches in various solid tumor indications. The company is developing AN9025 and AN4035, pairing a more validated modality with a more novel approach. This allows for both near-term clinical de-risking and longer-term upside, Leerink adds. In addition, the firm sees upside optionality with AN8025.