Bocom International has upgraded its target price for AKESO (09926) from HK$115 to HK$140 while reiterating its Buy rating. Short-term catalysts include overseas regulatory filings and full data disclosure from the HARMONi study, presentation of AK112-306 trial results at ESMO 2025, outcomes of the fourth-quarter National Reimbursement Drug List (NRDL) negotiations for multiple products/indications, and progress in early-stage programs like antibody-drug conjugates (ADCs).

AKESO is advancing the overseas registration and indication expansion of Ivonescimab at full speed, with the next-generation immuno-oncology backbone candidate demonstrating early potential. The firm expresses optimism regarding Ivonescimab's overseas approval prospects. Concurrently, AKESO has initiated several Phase III studies in mainland China this year targeting large patient populations with limited treatment options. The path for Ivonescimab to replace PD-(L)1 monotherapies as the next-generation I/O backbone therapy is becoming increasingly clear. Consequently, Bocom has raised its peak sales forecast for Ivonescimab in China to RMB7.1 billion, adjusted for probability of success.

The investment bank anticipates that following Ivonescimab, additional assets such as Cadonilimab could potentially achieve overseas registration/commercialization or business development deals over the next 2-3 years. Investors are advised to closely monitor data readouts from these studies and the launch of subsequent clinical programs.