Bocom International released a research report stating that Akeso (09926) recently held an investor meeting and invited the primary researcher of the Phase III HARMONi-A trial (Ivosidenib for EGFR-TKI-resistant NSCLC) for further interpretation. Experts believe that the probability of achieving significant OS benefits in the global HARMONi trial is greater. In the HARMONi-A trial, the overall safety is good, and the incidence of TRAE above grade 3 is controllable (treatment group vs. placebo group: 54.0% vs. 42.9%).
The bank reiterates its buy rating and the target price is HKD 70. The subsequent focus is on: 1) The announcement of the head-to-head K-drug data of AK112-303 at the September WCLC conference, with a PFSHR significantly lower than 0.7 (strong positive result); 2) The negotiation progress of two new dual-antibody drugs in this year's medical insurance negotiation. Recently, the price of Kantanib has been reduced by 53%, increasing the probability of successful negotiation; 3) The development progress of the IO+ADC combination therapy based on the dual anti-IO cornerstone variety.