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產品管線研發具創新性及差異化 多家大行看好德琪醫藥(6996.HK) 目標價最高至30港元
格隆匯 03-31 16:58

德琪醫藥(6996.HK)於3月25日公佈的2020年度業績中,更新了多項在研產品進展。其中,核心產品ATG-010(selinexor)已於韓國、澳大利亞及新加坡遞交新藥上市申請(NDA),用於治療復發/難治性多發性骨髓瘤和復發/難治性瀰漫大B細胞淋巴瘤;並於中國內地及香港遞交新藥上市申請(NDA)用於治療復發/難治性多發性骨髓瘤。公司預期,ATG-010於五個市場的NDA將在2021年四季度至2022年一季度獲批,此外,公司將有多項自主研發的新型資產推進到IND階段。

業績發佈後,目前分別有摩通、高盛和招銀國際對德琪醫藥給出了最新評級,目標價最高上望至30港元。其中:

摩通:重申德琪醫藥“增持”評級 目標價30港元高盛:重申德琪醫藥“買入”評級 目標價23.45港元招銀國際:重申德琪醫藥“買入”評級 目標價上調至27.97港元

摩通:重申德琪醫藥“增持”評級 目標價30港元

摩根大通3月26日發表研報,重申德琪醫藥“增持”評級,目標價30.00港元,較26日的收市價具有約78.6%溢價空間。摩根大通表示,德琪醫藥憑藉其強大執行力,產品管線研發取得紮實進展並取得多個臨牀註冊里程碑。公司正逐步轉型為一家成熟的生物科技公司。公司表示,與美國相比,中國針對復發/難治性多發性骨髓瘤(r/r MM)較少創新及可靠療法,這為ATG-010在中國的推出提供了市場。此外,全球行業內針對ATG-010的研發經驗、ATG-010有5種方案被納入NCCN治療指南,以及ATG-010獨特的藥物作用機制及與其他療法的聯合應用,都為ATG-010的上市創造了優勢。同時,德琪醫藥臨牀前產品也在推進中。ATG-101(PD-L1/4-1BB雙特異性抗體)計劃於2021年在澳洲、美國及中國遞交IND申請;其他多項自主研發產品(ATG-018,ATG-022及ATG-012)也計劃於未來12到24個月內提交IND。德琪醫藥已經建立起領導團隊負責其商業化,並計劃2021年底前組建約150人的商業化團隊負責ATG-010在亞太地區(包括中國)的上市。公司在浙江紹興的生產基地預計於2022年滿足商業化供應。公司將繼續專注於通過“自主研發+合作引進”戰略開發創新性、差異化療法。

高盛:重申德琪醫藥“買入”評級 目標價23.45港元

隨後高盛3月29日發表研報,重申“買入”評級,目標價23.45港元。該行預期ATG-010將於2022年初在中國內地上市。並認為2021年下半年Karyopharm公佈治療子宮內膜癌的臨牀試驗數據、德琪醫藥3項註冊臨牀試驗更多病人入組以及多項臨牀前資產申報IND等因素,將為德琪醫藥帶來更大的發展空間。

招銀國際:重申德琪醫藥“買入”評級 目標價上調至27.97港元

招銀國際亦於29日發表研報,重申德琪醫藥“買入”評級,並將目標價上調至27.97港元。招銀國際指出,德琪醫藥專注於腫瘤藥物產品管線具備創新性及高度差異性,臨牀階段資產進展順利且擁有豐富的早期階段資產組合。該行維持對公司長期正面看法。

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