Shares of IMMUNEONCO-B (01541) rose over 7% in early trading. At the time of writing, the stock was up 2.63% to HK$3.9, with a turnover of HK$1.7963 million.

The increase follows the company's announcement that it recently presented the latest progress on its drug candidate IMM2510 for treating IO-experienced advanced squamous non-small cell lung cancer at the ASCO 2026 annual meeting in a poster format.

Presented data indicates that IMM2510 demonstrated not only significant efficacy but also a favorable safety profile distinct from similar products in patients with advanced squamous lung cancer who had progressed after immunotherapy.

The company stated that, based on positive data from the Phase I study and exposure-response analysis results, a dose of 20mg/kg every two weeks has been established as the recommended Phase II dose. Planning for subsequent Phase III clinical studies is now underway.

An analysis points out that with the disclosure of this key IMM2510 data, the certainty of the company's differentiated original innovation has been further confirmed. The firm is also positioned to unlock greater valuation potential through its pipeline of multiple products with potential first-in-class or best-in-class profiles.

Furthermore, the company currently holds over 1 billion Chinese yuan in cash and possesses a differentiated innovative pipeline, while also being able to return capital to shareholders through share repurchases. Its current price-to-sales multiple is only 8.69 times.

This valuation level is clearly in a bottom-range "sweet spot," suggesting the company's intrinsic value is ripe for a reassessment by the secondary market, making it worthy of investor attention.