Citi Raises Price Target for Akeso Inc (9926: HK) Shares After Positive Study Results - Buy Rating Reiterated
Citi has increased its price target for Akeso Inc (9926: HK) shares to HK$70.00, up from the previous HK$64.00, while reiterating a Buy rating on the stock. The adjustment follows Akeso's recent presentation of positive HARMONi-2 study results at the World Conference on Lung Cancer (WCLC).
Akeso's Ivonescimab showed significant improvement in median progression-free survival (mPFS) in patients with PD-L1 positive (TPS≥1%) non-small cell lung cancer (NSCLC) compared to pembrolizumab. The study revealed an mPFS of 11.14 months for Ivonescimab versus 5.82 months for pembrolizumab, with a hazard ratio (HR) of 0.51 and a p-value less than 0.0001.
The analysis indicated that the progression-free survival benefit was consistent across major clinical subgroups, including patients with different PD-L1 expression levels and different types of advanced NSCLC. Additionally, Ivonescimab was reported to have a manageable safety profile, with no severe hemorrhage observed in patients with squamous NSCLC.
Citi's report suggests that the compelling data exceeds market expectations and predicts that the favorable PFS hazard ratio will likely lead to a clinically significant overall survival (OS) benefit. This positive outlook is reflected in the firm's decision to raise the target price for Akeso's stock.
In conclusion, Akeso's promising study results have caught the attention of investors and analysts, leading to an increase in the stock's price target. This development indicates potential growth opportunities for Akeso Inc and highlights the importance of staying informed about advancements in the healthcare industry for potential investment opportunities.