On July 3, Kelun-Biotech (06990) rose 4.79% in regular trading, trading at HK$482.2/share, with turnover of HK$208 million. The stock extended its rally fueled by ongoing catalysts from its landmark ASCO presentation and a wave of institutional upgrades.

The company presented Phase III OptiTROP-Lung05 results at ASCO, demonstrating that sac-TMT combined with pembrolizumab significantly improved progression-free survival versus pembrolizumab monotherapy in PD-L1-positive advanced NSCLC, with a PFS hazard ratio of 0.35 and 12-month PFS rate of 62.4% versus 29.0%. This marks the first TROP2 ADC to achieve a positive Phase III outcome in first-line NSCLC. Multiple brokerages have issued bullish calls, with Nomura raising its target price to HK$544.42 and maintaining a Buy rating, while CITIC Construction Investment and China Post Securities also maintain Buy ratings, and Industrial Securities initiated coverage with an Overweight rating. The broader biotech sector showed strength, with AKESO up 2.53%, Innovent Bio up 1.99%, 3SBio up 4.52%, RemeGen up 3.19%, and BeiGene up 3.84%.

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