On September 16, LEADS BIOLABS-B fell 6.04% in regular trading, trading at 53.8 HKD/share, with turnover of approximately 46.66 million HKD, extending the prior session's sharp reversal pattern.

On the news front, the company presented updated Phase II clinical data for its core product Vilixin (LBL-024) combined with chemotherapy as first-line treatment for NSCLC at WCLC 2026 via oral presentation on September 14. The data showed strong efficacy, with non-squamous NSCLC PD-L1 positive subgroup achieving an ORR of 81.8% and DCR of 100.0%, along with a 6-month PFS rate of 90.0%. However, the stock exhibited a classic sell-the-news pattern, having surged to 65.75 HKD on September 15 before reversing sharply to close down over 6%. The continued decline suggests the positive clinical readout had been largely priced in ahead of the event. Additionally, competitor Akeso's positive HARMONi-2 OS data presented at the same conference intensified competitive concerns. CLSA previously raised its target price to 116.9 HKD, and the company is advancing Phase III clinical planning for Vilixin in first-line NSCLC.

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