UBS has issued a research report raising INNOVENT BIO's (01801) target price from HK$105.1 to HK$120.1 while maintaining a "Buy" rating. Assuming new indications for IBI363 are included, the bank has raised its peak sales forecasts for the drug in China and globally to RMB 5.7 billion and RMB 20.3 billion respectively.

INNOVENT BIO recently registered a Phase II clinical trial for IBI363. The bank believes this trial reflects the company's confidence in IBI363 as a next-generation immunotherapy cornerstone drug and is expected to expand the range of indications.

Additionally, industry data shows that the company's sales from January to May this year grew 33% year-over-year, maintaining strong momentum. The bank expects INNOVENT BIO's first-half revenue to grow 36% year-over-year and achieve break-even.