Lyon: Raise INNOVENT BIO (01801) target price to HK$108.4, maintain "outperform" rating.

Lyon released a research report stating that INNOVENT BIO (01801) provided in-depth updates on its oncology franchise at its R&D Day on June 28. The focus is on the establishment of a new generation I/O and ADC platform, particularly PD-1/IL-2 IBI363. The bank raised the company's target price from 55.9 Hong Kong dollars to 108.4 Hong Kong dollars, maintaining an "outperform" rating. It raised the sales forecast for INNOVENT BIO for the fiscal years 2025 to 2027 by 1%, 1.3%, and 3.6%, and the net profit forecast by 8.9%, 6.8%, and 13.3% to reflect the company's recent progress in its product line.