On July 10, Duality Biotherapeutics-B (09606.HK) rose 6.27% in regular trading, trading at HK$215.2/share, with turnover of HK$35.54 million.

The rally was driven by continued market reaction to Soochow Securities initiating coverage on the company with a Buy rating and a target price of HK$418.61, implying approximately 90% upside from the current share price. Soochow Securities highlighted that Duality Bio is a global leader in the ADC (antibody-drug conjugate) space, forecasting revenue of RMB 2.052/2.395/2.599 billion for 2026-2028, representing year-on-year growth of 10.8%/16.7%/8.5%. The firm derived its target valuation of RMB 31.861 billion using DCF methodology.

The bullish thesis centers on two late-stage pipelines: DB-1311 (B7-H3 ADC) demonstrating differentiated efficacy in mCRPC with ORR of 42.3% and mOS of 22.5 months, and DB-1303 (HER2 ADC) approaching commercialization with its Chinese BLA accepted by NMPA. The company also exercised its US co-development and co-commercialization option for DB-1311 in May, and its Science and Technology Innovation Board IPO review has progressed to inquiry status.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)