On September 8, INNOVENT BIO fell 3.01% in regular trading, trading at HK$98.3/share, with turnover of HK$270 million. The broader biotechnology sector weakened in tandem, with BEONE MEDICINES down 2.97% and AKESO down 0.68%.

The decline comes as markets await results from the National Reimbursement Drug List (NRDL) negotiations held on September 5-6, where INNOVENT BIO participated with five products under review, including the closely watched GLP-1 receptor agonist mazdutide, PCSK9 antibody, the first domestic CTLA-4 monoclonal antibody, and FLT3 inhibitor quizartinib. Pricing outcomes for these key pipeline assets remain unclear, adding near-term uncertainty.

The stock had surged over 10% to a record high on August 26 after reporting H1 net profit of RMB 1.253 billion, up 50.2% year-over-year, with product revenue jumping 56.7% to RMB 8.2 billion. Multiple brokerages subsequently raised target prices, with BOCOM International setting a HK$129 target. The current pullback reflects profit-taking from those highs amid pending negotiation clarity.

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