CICC International: Maintains "Buy" rating on Kangfang Biotech with target price of HK$115.

China International Capital Corporation (CICC) released a research report stating firm confidence in Kangfang Bio, maintaining a "buy" rating and a target price of HK$115. The bank maintains its forecast of Kangfang Bio's mainland and overseas sales peak at 6.1 billion RMB. The company announced that its mainland application for the listing of the anti-PD-L1 monoclonal antibody Yivossi for the treatment of 1L PD-L1-positive NSCLC has been approved, much earlier than expected. The first interim analysis results of the phase III AK112-303/HARMONi-2 study were also announced simultaneously: HR value of 0.777, reducing the risk of death by 22.3%.