CICC: Raises Target Price of Sanesco Pharmaceuticals to HK$21.1, maintains "Outperform" rating.

CICC released a research report stating that SSGJ-707 is the core pipeline of Sansei Pharmaceuticals' oncology sector, and has been approved for phase III clinical trials in first-line treatment of PD-L1 positive locally advanced or non-small cell lung cancer. It has also been granted breakthrough therapy designation in China. At the same time, SSGJ-707 is conducting phase II clinical trials domestically, including first-line treatment of advanced non-small cell lung cancer, metastatic colorectal cancer, and advanced gynecological tumors with combined chemotherapy. The bank believes that this treatment has the best potential in its class and expects more data to be disclosed at the upcoming American Society of Clinical Oncology meeting. The bank maintains its adjusted net profit forecast for the company for the next two years, excluding the income from this business expansion. The bank also maintains its "outperform" rating on the stock, considering the increase in peer valuation, and raises the target price by 56% to HK$21.1.