《大行报告》野村上调康宁杰瑞制药-B(09966.HK)目标价至25.1元 评级「买入」
野村发表的研究报告指,5月7日康宁杰瑞制药(09966.HK)宣布将於2021年美国临床肿瘤学会年会以摘要及海报呈列发布KN046(一种重组人源化PD-L1/CTLA-4双特异性抗体)及KN026(一种基於Fc的抗HER2双特异性抗体)的研究进展,该行指出经过澳洲一期临床实验有正面效果後,认为两个主要重点分别是胰脏癌及非小细胞肺癌的一线治疗进展,同时亦估计公司将在下半年更新KN046的整体存活期数据。
公司指出对PD-1无反应的非小细胞肺癌患者整体存活期仅8-10个月,主要因为无标准化治疗,而KN046-CHN-001的初步数据则显示疾病控制率达50%,而整体存活率为12个月,反映KN046有望改善病人整体存活期。
另一方面公司於今年首季与辉瑞合作,探索KN026与Palbociclib的临床效果,估计下半年在KN026海外商用授权或有进展,而公司在2021-23年将继续优先开发KN046及KN026。
该行重申对康宁杰瑞制药「买入」评级,目标价由17.2元升至25.1元,并提升对KN046产品线成功率预测,估计KN046收入贡献在2025年後将增。(el/a) ~
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