seagames1993| Furui: Cut Kangfang Biotech's target price to HK$38 and reset expectations for AK112

Furui released a report, comparing Kangfang Biotech (9926seagames1993.HK) The target price has been reduced from the original HK$50 to HK$38, maintaining the "Buy" rating and believing that it will be held at the American Society of Clinical Oncology (ASCO) Annual Meetingseagames1993The summary of the company reset the bank's expectations for the company's new drug idarfone Ivonescimab (PD-1/VEGF bispecific antibody, R & D code: AK112).

According to the report, the National Food and Drug Administration (NMPA) has approved the new drug marketing application of the company's Idarfang (AK112). The indication is combination chemotherapy for the treatment of EGFR mutant locally advanced or metastatic non-small cell lung cancer (nsq-NSCLC) that has progressed after treatment with epidermal growth factor receptor (EGFR) tyrosine stimulation inhibitors (TKI). However, at the same time, ASCO disclosed that Phase III clinical data for the above indications were not as high as expected. The bank believes that Kangfang's AK112 may face strong competition from Johnson & Johnson's dual-drug Rybrevant.

Furui lowered Kangfang's 2024 revenue and earnings per share forecast by 14% and 26% respectively, and adjusted its full-year loss per share from the original 0.35 yuan to a loss per share of 0.44 yuan.