DUALITYBIO-B (09606) surged more than 12%. As of writing, the stock was up 12.08% to HK$332.2, with a turnover of HK$321 million. On the news front, Guotai Haitong Securities noted that, based on a summary, DUALITYBIO has a rich pipeline of catalysts for 2026, and the firm anticipates data readouts including: 1) final results from global registrational trials for HER2 ADC targeting EC and BC indications; 2) clinical outcomes for B7H3 ADC, HER2 ADC, and TROP2 ADC in combination with the PDL1*VEGF bispecific antibody BNT327; 3) updates on early clinical data for the BD pipeline's B7H4 ADC and EGFR*HER3 ADC, as well as progress updates on the CDH17 ADC clinical development; and 4) the disclosure of first-in-human (FIH) data for the early-stage PDL1*B7H3 ADC pipeline. The institution stated that, based on the exceptionally smooth progress of DUALITYBIO's pipeline in 2025, it has raised its peak global sales forecasts for HER2 ADC DB1303, B7H3 ADC DB1311, and HER3 ADC DB1310. Using the DCF valuation method, the firm has increased its target price for DUALITYBIO to HK$455.56, while maintaining an "Overweight" rating.