Shares of DUALITYBIO-B (09606) rallied sharply during Friday's session, climbing more than 9% at one point. As of the latest update, the stock was trading up 8.48% at HK$183, with turnover reaching HK$165 million.

According to updated data presented at the World Conference on Lung Cancer (WCLC), the Phase Ib/II trial evaluating the B7-H3 ADC candidate BNT324/DB-1311, co-developed by DUALITYBIO-B and BioNTech, in combination with the PD-L1 x VEGF-A bispecific antibody Pumitamig for advanced lung cancer showed promising efficacy. As of July 7, 2026, among 71 evaluable patients with small cell lung cancer (SCLC), the overall response rate (ORR) was 70.4%. Broken down by line of therapy, the ORR reached 92.3% in the first-line setting, 77.3% in the second-line, and 52.4% in the third-line or later.

UBS previously noted that DB-1311 (B7-H3 ADC) is expected to be a major valuation driver for the company, projecting peak sales of RMB 38.3 billion, which is higher than the market consensus of RMB 28.6 billion. The investment bank believes that the market has not yet fully priced in upcoming key catalysts, including the proof-of-concept data for the DB-1311 combination with the PD-L1/VEGF bispecific antibody in lung cancer (to be presented at WCLC 2026) and non-lung cancer indications (at ESMO 2026), as well as the global Biologics License Application (BLA) submission for the HER2 ADC candidate DB-1303.