On July 22, Kelun-Biotech rose 3.62% at open, trading at 530.0 HKD/share with turnover of 742,000 HKD. The rally was driven by multiple international investment banks upgrading their target prices combined with continued institutional accumulation crossing key disclosure thresholds.

On the news front, JPMorgan raised its target price from 535 HKD to 648 HKD, while Goldman Sachs lifted its target to 582.95 HKD maintaining a \"Buy\" rating, both citing optimism for the global commercialization prospects of core product sac-TMT. Goldman Sachs raised its probability of success for the Lung06 study from 81% to 90% and increased EPS forecasts for 2027 and 2028 to RMB 7.51 and RMB 14.46 respectively. Concurrently, leading public fund managers including HFT Fund Management have actively accumulated the stock, with public fund holdings reaching the 5% disclosure threshold, signaling sustained long-term institutional capital inflows. The recent momentum also follows the company's Phase 3 study of sac-TMT combined with pembrolizumab meeting the primary endpoint in first-line PD-L1-negative NSCLC treatment, a milestone that prompted Merck's stock to rise 3% on the same day.

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