BofA: Akeso Biopharma's HARMONi-2 overall survival benefit is encouraging, maintain "Buy" rating.

BofA Securities stated in a research report that Akeso's HARMONi-2 study delivered encouraging overall survival benefits, with a hazard ratio of 0.73. The robust trial data for ivonescimab in China provides a strong reference for global clinical trial results. The company is entering a pivotal 2026, with important data readouts expected from global and China Phase III programs, and is accelerating its commercialization momentum in China; the rich pipeline also offers long-term growth and new out-licensing opportunities. The bank maintains its "Buy" rating on the company, with a target price of HK$136 based on a discounted cash flow model.