研报掘金丨中金:上调康方生物目标价至130港元,维持“跑赢行业”评级

格隆汇
Sep 17
中金发表研报,康方生物公告AK112(商品名为依达方)对比帕博利珠单抗用于一线治疗PD-L1 阳性NSCLC的注册性III期临床(HARMONI-2)于WCLC公布OS显著阳性结果。报告指,这是PD-1/VEGF双抗单药疗法首次在 1L NSCLC读出完整OS数据,AK112有望重新定义该领域治疗范式。目前,AK112 对比帕博利珠单抗一线治疗PD-L1阳性NSCLC的国际多中心III期临床研究(HARMONi-7)正在持续入组中,该行认为该临床未来胜出概率较大。该行维持2026年和2027年盈利预测不变。考虑到H2数据亮眼,基于此上调海外H7临床成功概率,维持“跑赢行业”评级,上调目标价8.3%至130港元。

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