Lyon: Raises target price for LEADS BIOLABS-B (09887) to HK$116.9 LBL-024 data will be released soon.

Lyon released a research report stating that LEADS BIOLABS-B (09887) had cooperative revenue of 36 million yuan in the first half of the year. The bank anticipates that catalysts, including data updates for LBL-024 used in first-line non-small cell lung cancer (NSCLC), will be presented in a verbal report at the 2026 World Lung Cancer Conference (WCLC) to be held this month. The company guides that the Phase III clinical trial for LBL-024 in first-line NSCLC will start in 2027 and has been actively seeking global partners since last month. The bank has raised its sales forecast for this year by 35.6% and adjusted its profit forecasts for 2026 to 2028 (-15%, -25.7%, and +14.6%), increasing the target price from HK$108 to HK$116.9, while maintaining an "outperform" rating.