Bank of America Securities published a research report stating that Kang Fang Biotech's HarmonI-2 study brought encouraging overall survival benefits, with a risk ratio of 0.73. Ivonescimab's robust trial data in China provides a strong reference for global clinical trial results. As the company enters the critical 2026 year, important data will be read out for global and China Phase III projects, and commercialization in China is being accelerated; the diversification of pipelines will also provide long-term growth and new external licensing opportunities. The bank maintained its “buy” rating to discount the cash flow model assessment. The target price was HK$136.

Bank of America Securities published a research report stating that Kang Fang Biotech's HarmonI-2 study brought encouraging overall survival benefits, with a risk ratio of 0.73. Ivonescimab's robust trial data in China provides a strong reference for global clinical trial results. As the company enters the critical 2026 year, important data will be read out for global and China Phase III projects, and commercialization in China is being accelerated; the diversification of pipelines will also provide long-term growth and new external licensing opportunities. The bank maintained its “buy” rating to discount the cash flow model assessment. The target price was HK$136.