Goldman Sachs and Jefferies are optimistic about Cornerstone Pharmaceutical-B (02616): CS2009 efficacy signals continue to enhance, and key catalysts are expected to be implemented intensively

The Zhitong Finance App learned that recently, major international banks Jefferies (Jefferies) and Goldman Sachs (Goldman Sachs) have successively released research reports that are optimistic about the development prospects of Cornerstone Pharmaceutical-B (02616). The core logic all points to the continuous improvement of clinical data and BD opportunities in the company's core self-research pipeline CS2009, global Phase III multi-regional clinical (MRCT) trials to be implemented intensively before the end of the year, and the company's high-quality business performance in the first half of the year. Jefferies maintained a purchase target price of HK$20.00 (with 214% upside compared to the closing price of HK$6.37 before the report was released); Goldman Sachs raised the 12-month target price from HK$9.44 to HK$9.85 (with 67.2% upside corresponding to the closing price of HK$5.89 on August 28), and raised the probability of success (PoS) of CS2009 to 68%.

Cornerstone Pharmaceutical recently released the latest phase I/II clinical data for the three-specific antibody CS2009 (PD-1/VEGF/CTLA-4 TsAb) as of August 2026. The cumulative enrollment of CS2009 has now exceeded 300 patients and has maintained good safety characteristics: the incidence of grade ≥3 immune-related adverse effects (iRAE) remains low, and VEGF-related grade 3 adverse events are about 5%. Goldman Sachs pointed out in the research report that the latest clinical data has further consolidated its differentiation advantage. As the core asset of the cornerstone pharmaceutical “Pipeline 2.0” pipeline, the efficacy of CS2009 continues to strengthen in multiple cohorts as sample volume expands and follow-up time is extended.

Specifically, in terms of frontline treatment of lung cancer, in the first-line PD-L1 TPS ≥ 50% NSCLC single drug cohort, the overall objective response rate (ORR) reached 83.3% (20/24, and was consistent among people with squamous cell cancer and non-squamous cell carcinoma), which is better than the 81% disclosed at the 2026 ASCO annual meeting. In particular, in the 30 mg/kg dose group, all 11 patients achieved remission, and ORR reached 100% (11/11). Compared with current PD-1/VEGF double antibody levels of about 60% to 77% and historical data of about 45% of pabolizumab single drugs, it maintained strong clinical competitiveness. At the same time, in first-line PD-L1 TPS ≥ 1% NSCLC monotherapy, the total ORR for the 20 mg/kg and 30 mg/kg dose groups reached 62% (29/47), of which the ORR for the 30 mg/kg single dose group reached 71% (17/24), which also showed outstanding competitive advantages (compared with 50% of evosimab and 68% of SSGJ-707).

In terms of late-line treatment and refractory tumors, the ORR for the 30mg/kg dose group of second-line NSCLC single drug cohorts increased to 28% (7/25), an improvement over 24% of ASCO26. In the “cold tumor” cohort, the overall anti-tumor activity of CS2009 remained stable. Among them, colorectal cancer (mCRC) ORR was 20%, soft tissue sarcoma (STS) was 38.5%, and non-clear cell renal cell carcinoma (ncCRCC) reached 43%.

Goldman Sachs anticipates that the next 6 to 12 months will be a period of intensive implementation of key catalysts for Cornerstone Pharmaceuticals. At the upcoming ESMO 2026 conference, the company will present two oral reports (Oral Presentations) on CS2009's single drug and combination chemotherapy data in NSCLC (abstract number 2616RO) and mCRC (abstract number 1953RO). Management revealed that the first-line NSCLC combined chemotherapy cohort is expected to show typical proof-of-concept (POC) samples from more than 30 patients. As the data matures, it is expected that the full response level of the competitive products will be 70% to 90% during the maturity period.

Based on abundant clinical evidence, Cornerstone Pharmaceuticals has finalized a global late-stage development roadmap and plans to launch global phase III MRCT trials within the year. The first batch of registered trials including first-line AGA negative NSCLC (combination chemotherapy regimen) is included. Jefferies said that this intensive key clinical advance will strongly support CS2009's global registration and offshore authorization (BD) potential. Goldman Sachs also mentioned that business development (BD) discussions surrounding CS2009 are continuing to deepen, and that its global clinical blueprint as the next generation of cancer immunization backbone drugs will be the core pillar for promoting subsequent commercial cooperation.

At the same time, the company's early ADC pipeline is also progressing steadily. As the first product of an autonomous ADC platform, EGFR/HER3 dual antibody ADC (CS5007) completed the first patient administration in a global multi-center phase I trial in June 2026, marking the official entry of this proprietary platform into the clinical phase. Goldman Sachs advises investors to keep a close eye on the pipeline's subsequent research developments.

In terms of financial fundamentals, Cornerstone Pharmaceuticals achieved revenue of 205 million yuan in the first half of 2026, a sharp increase of 315% over the previous year, mainly driven by the volume of Platinib after it was included in the National Health Insurance Catalogue (NRDL). Due to the construction of more clinical pipelines, R&D expenses in the first half of the year were RMB 206 million. Jefferies stressed that the company's cash reserves reached 1,560 billion yuan by the end of the first half of the year, and that sufficient funds on hand will provide solid protection for high-intensity global MRCT promotion and commercial development, and continue to be optimistic about its long-term revaluation space.

Notably, Cornerstone Pharmaceuticals was included in the Hang Seng Composite Index in August 2026, and the relevant changes took effect on September 7. The Hang Seng Composite Index is one of the important benchmark indices for the Hong Kong stock market. Its inclusion in this index reflects the capital market's high recognition of the company's market value, liquidity and fundamentals. As adjustments to the constituent stocks of the Hang Seng Composite Index take effect, Cornerstone Pharmaceuticals will later become the target investment target of Hong Kong Stock Connect, which will help broaden the investor base and increase the level of stock trading liquidity and valuation.

Source: Goldman Sachs, csStone Pharma (2616.HK): Earnings Review (August 31, 2026); Jefferies, “csStone: CS2009 to Update in ESMO; Global MRCTS in 1L NSCLC&CRC Planned by YE26” (August 28, 2026)