CICC: Raised Kangfang Biotech's (09926) target price by 8.3% to HK$130 to maintain “outperforming the industry” rating

The Zhitong Finance App learned that CICC released a research report stating that Kangfang Biotech (09926) announced AK112, the trade name of Idafang. Compared with the registered phase III clinical trial (HARMONI-2) of pabolizumab for first-line treatment of PD-L1-positive NSCLC (), WCLC announced significant positive OS results. Considering the impressive H2 data, the bank raised the probability of overseas H7 clinical success, kept the 2026 and 2027 profit forecasts unchanged, maintained a “outperforming industry” rating, and raised the target price by 8.3% to HK$130.

The bank notes that this is the first time that PD-1/VEGF dual-antibody monotherapy has read complete OS data in 1L NSCLC, and AK112 is expected to redefine the treatment paradigm in this field. Currently, AK112 is continuing to enroll in the international multi-center phase III clinical study (HarmonI-7) for first-line treatment of PD-L1-positive NSCLC compared with pabolizumab. The study believes that this clinical trial has a high probability of winning in the future.