JPMorgan: Maintains "Overweight" rating on Jiangsu Hengrui Pharmaceuticals (01276) with a target price of HK$65; EADV data reflects the company's strengthened development in the immunology business.

JPMorgan released a research report maintaining its "Overweight" rating on Jiangsu Hengrui Pharmaceuticals (01276) with a target price of HK$65. Jiangsu Hengrui Pharmaceuticals recently presented multiple studies at the European Academy of Dermatology and Venereology (EADV) Congress, providing broader validation for its emerging immunology pipeline, covering treatments for psoriasis, prurigo nodularis, and alopecia areata. The bank believes the data reflect that Hengrui is building credible biologics and oral immunology business capabilities, rather than focusing solely on oncology as its development priority. Looking ahead, JPMorgan expects Hengrui to have at least 4 immunology pipeline drugs approved next year, with multiple programs entering Phase III clinical trials. Among them, the core program SHR-1139 may initiate China and global Phase III trials within this year. If a global Phase III clinical trial is conducted, it would be the largest global Phase III trial in the immunology field by a Chinese company.