On July 21, Kelun-Biotech (06990.HK) rose 3.08% in regular trading, trading at 522.0 HKD/share, with turnover of approximately 66.88 million HKD. The move was driven by a wave of target price upgrades from major international investment banks alongside continued institutional accumulation.

On the news front, JPMorgan raised its target price for Kelun-Biotech to 648 HKD, citing positive research outcomes. Goldman Sachs lifted its target to 582.95 HKD while maintaining a Buy rating, raising the success probability for the Lung06 study from 81% to 90% and upgrading earnings estimates for fiscal years through 2028. UBS expressed optimism on the companys global expansion prospects. These upgrades followed the companys announcement that its core TROP2 ADC product sacituzumab tirumotecan combined with pembrolizumab met the primary endpoint in a Phase 3 study for first-line treatment of PD-L1-negative advanced non-squamous NSCLC, demonstrating significantly improved progression-free survival.

The stock has also benefited from broader institutional interest, with multiple leading public fund managers reportedly triggering disclosure thresholds in Hong Kong-listed innovative pharmaceutical names, underscoring sustained confidence in the sector.

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