CICC: maintains EVEREST MED (01952) outperform rating with a target price of HK$41.5.

Zhongjin released a research report stating that it maintains the profit forecast for EVEREST MED (01952) in 2026 and 2027. Based on DCF, it gives the stock an outperform industry rating and a target price of HK$41.5, representing a 48.43% upside potential from the current stock price. On June 2nd, the company announced an exclusive licensing and collaboration agreement with Travere Therapeutics, granting it exclusive development and commercialization rights for EVER001 (hibutinib, civorebrutinib) outside of Greater China and certain Southeast Asian countries. Key points from Zhongjin include: EVER001 smoothly entering international markets, accelerating the development of kidney disease indications Under the agreement, Travere will receive exclusive development and commercialization rights for EVER001 outside of Greater China and certain Southeast Asian countries, in exchange for which EVEREST MED will receive an upfront payment of $112.5 million, and may be eligible for up to $1.03 billion in development, registration, and commercialization milestone payments for up to five indications. The company will also receive high-single to double-digit percentage tiered royalties based on future annual net sales of EVER001. The partnership is expected to accelerate the global clinical development and commercialization process of EVER001, particularly in the development of membranous nephropathy. EVER001 poised to become a leader in the membranous nephropathy field EVER001 is a new generation covalent BTK inhibitor introduced by EVEREST MED. Compared to irreversible covalent BTK inhibitors, EVER001 is expected to maintain high selectivity while avoiding the toxic side effects of continuous inhibition. The drug is currently being actively developed for the treatment of membranous nephropathy, with the company having previously disclosed phase Ib/IIa clinical data for the treatment of membranous nephropathy in China, demonstrating rapid, deep, and sustained immunologic and clinical relief with continued benefit after discontinuation, high safety, and strong tolerability. The company plans to conduct clinical studies in indications such as PMN, immune-mediated FSGS, and MCD, with potential further expansion into more areas of indication.