UBS: Maintains "buy" rating on INNOVENT BIO (01801) Target price raised to 61.4 Hong Kong dollars.

UBS released a research report stating that the target price of INNOVENT BIO (01801) has been raised from 60.7 Hong Kong dollars to 61.4 Hong Kong dollars, maintaining a "buy" rating. The report mentioned that before the recent introduction of the new blood glucose-lowering drug GLP-1, an estimated 0.1% of overweight or obese individuals in mainland China received clinical treatment due to the lack of convenient, affordable, and effective treatment options. The clinical test results of GLP-1 and positive feedback are expected to significantly penetrate the weight loss market and the type 2 diabetes market, where the drug already has a market share of 14%. UBS predicts that INNOVENT BIO's semaglutide is expected to achieve an 18% market share in the Chinese GLP-1 market by 2034, based on three advantages of the drug, including the expected approval of the first dual-target GLP-1 drug for weight loss purposes in the first half of next year, good efficacy and safety shown in clinical tests, and the company's strong commercialization capabilities.