Citi released a research report stating that it expects a positive reaction in the share price of Ascletis-B (01672), reiterating a "Buy/High Risk" rating with a target price of HK$32. Citi believes that the positive Phase IIa data from Ascletis-B's oral GLP-1 drug ASC30 for obesity treatment in the U.S. further demonstrates ASC30's best-in-class potential and strengthens confidence in future collaborations.

The report highlights that Ascletis-B announced positive Phase IIa study results for its oral GLP-1 drug ASC30 in treating obesity. At Week 13, the placebo-adjusted weight loss for the 20mg, 40mg, and 60mg dose groups of ASC30 was 5.4%, 7%, and 7.7%, respectively. The efficacy of the medium/high-dose groups exceeded Citi's expectations (weight loss >6.5%).

No liver safety signals were observed in the study, nor were there increases in ALT/AST/TBL. The drug demonstrated good tolerability under a weekly dose-escalation regimen. The discontinuation rates due to adverse events in the 20mg, 40mg, and 60mg dose groups were only 7.3%, 7.5%, and 0%, respectively, the best among comparable drugs. The incidence of vomiting in the 20mg, 40mg, and 60mg dose groups was 22%, 25%, and 30%, respectively, outperforming orforglipron's reported 56% in its Phase Ib study with weekly dose escalation. The company plans to submit data to the U.S. FDA and request an end-of-Phase-II meeting in Q1 2026.