Jingwu Finance | Guoyuan International Research pointed out that INNOCARE (09969) is positioned in the autoimmune disease field through the B cell pathway and T cell pathway, with the B cell pathway mainly focusing on Orelabrutinib, and the T cell pathway mainly on ICP-488 and ICP-322. The ICP-488 Phase II study is a randomized, double-blind, placebo-controlled trial aimed at evaluating the efficacy and safety of ICP-488 in treating moderate to severe plaque psoriasis.
As of September 30, 2024, the company holds approximately 7.8 billion yuan in cash and related account balances, sufficient for innovative research. The company drives development through scientific innovation, with strong product capabilities. The bank expects the company's revenue for 2024-2026 to be 0.965, 1.32, and 1.805 billion yuan respectively. The net income will be -0.517, -0.415, and -0.237 billion yuan respectively. A target price of 8.25 Hong Kong dollars is given, implying a 35% upside potential from the current price, recommending a 'Buy' rating.
