CICC: Raises AKESO (09926) target price by 8.3% to HK$130, maintains "Outperform" rating.

CICC released a research report stating that AKESO (09926) announced that AK112, under the trade name Yidafang, in comparison with pembrolizumab for first-line treatment of PD-L1-positive NSCLC in the registrational Phase III clinical trial (HARMONI-2), showed significantly positive OS results at WCLC. Considering the impressive H2 data, the bank raised the probability of success for the overseas H7 clinical trial, maintained its 2026 and 2027 earnings forecasts unchanged, maintained its "Outperform" rating, and raised the target price by 8.3% to HK$130. The bank pointed out that this is the first time a PD-1/VEGF bispecific antibody monotherapy has read out complete OS data in 1L NSCLC, and AK112 is expected to redefine the treatment paradigm in this field. Currently, the international multicenter Phase III clinical study (HARMONi-7) of AK112 versus pembrolizumab for first-line treatment of PD-L1-positive NSCLC is continuing enrollment, and the bank believes the trial has a relatively high probability of success in the future.