On September 29, REMEGEN rose 5.13% in regular trading, trading at 74.85 HKD/share, with turnover of 149 million HKD. The move came as the broader biotech sector continued its rally, with AKESO surging 12.93% and KEYMED BIO-B gaining 6.9%.

The innovative drug sector has entered what analysts describe as an earnings harvest period. REMEGEN reported blockbuster H1 results, with revenue surging approximately 436% year-over-year to 5.85 billion RMB, swinging to an adjusted net profit of 4.662 billion RMB from a prior-year loss. The turnaround was primarily driven by a 650 million USD upfront payment from AbbVie under an exclusive licensing agreement for RC148. Gross margin reached approximately 95.4%.

Multiple investment banks have reiterated bullish ratings. CLSA raised its target price to 144.8 HKD, Citi upgraded to 127.7 HKD, and CICC maintained a target of 112.92 HKD. Additionally, the company recently initiated a new Phase III clinical trial for its PD1/VEGF bispecific antibody RC148 in advanced non-squamous NSCLC, further expanding its pipeline potential.

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