Citigroup: Kangfang Biotech (09926) Harmoni-2 overall survival, enhances iVonesCimab's differentiated advantages and maintains a “buy” rating

The Zhitong Finance App learned that Citibank released a research report saying that the Harmoni-2 mid-term readings of Kangfang Biotech (09926) showed that iVonesCimab is a first-line single-drug treatment for PD-L1 positive non-small cell lung cancer, compared with pembrolizumab's significant overall survival and efficacy, strengthening its differentiated positioning. The bank maintained Kangfang Biotech's “buy” rating, and the target price remained unchanged at HK$171.

The bank indicated that in 234 total survival events, the median overall survival of ivonescimab was 30.75 months, pembrolizumab was 22.57 months, and the risk ratio was 0.73; the overall survival benefit was 0.58 in people with PD-L1 TPS > 50%, and the risk ratio was 0.65 in people with squamous non-small cell lung cancer. The overall survival benefit was most obvious, and the safety was roughly similar.

The bank has a positive view of people with high PD-L1 expression of Harmoni-7 globally and people with squamous non-small cell lung cancer, and is optimistic about the transformation of the company's future tests from China to the global market; key catalysts for the second half of the year include the Prescription Drug User Payment Act (PDUFA) decision and Harmoni-3 readings.