On May 22, Innovent Biologics rose 3.09% in regular trading, trading at HKD 84.35/share, with trading volume of HKD 197 million, extending its upward momentum from the previous session.

The rally was driven by a cluster of new drug approval catalysts. On May 21, the company announced that the combination therapy of TYVYT (sintilimab) and ELUNATE (fruquintinib) received NMPA approval for treating locally advanced or metastatic renal cell carcinoma patients who previously failed VEGFR-TKI therapy. This approval was supported by data from the FRUSICA-2 study and represents a significant milestone for advanced RCC treatment in China. Additionally, on May 20, Innovent's self-developed picankizumab injection received approval for moderate-to-severe plaque psoriasis, and IBI3031 — a first-in-class dual-target innovative drug — initiated its first Phase I clinical trial in thyroid eye disease patients.

Zheshang Securities maintains a Buy rating, projecting revenues of RMB 17.95 billion, RMB 21.97 billion, and RMB 25.27 billion for the next three years respectively, citing accelerating commercialization and global R&D potential as the company transitions from Biopharma to a global Pharma platform.

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