JPMorgan Raises Price Target for SKB BIO to HK$648, Maintains Overweight Rating

JPMorgan has released a research report indicating that SKB BIO (06990) has recently demonstrated strong stock performance. The bank believes this is primarily due to the company's TROP2-targeting antibody-drug conjugate (ADC), sac-TMT (芦康沙妥珠单抗), meeting the primary endpoint in its Phase III OptiTROP-Lung06 clinical trial in China. This marks the first time an ADC combined with a PD-1 inhibitor has shown efficacy significantly superior to Keytruda plus chemotherapy at this trial stage. Consequently, the bank has raised its target price for the company from HK$535 to HK$648, while maintaining its "Overweight" rating.

Furthermore, the National Medical Products Administration has granted priority review status to the supplemental new drug application for sac-TMT in treating TNBC (triple-negative breast cancer), which further reduces regulatory and execution risks. JPMorgan noted that as SKB BIO achieves positive results in multiple registration studies in China and the validation of this asset across various tumor types increases, the clinical risk has been substantially lowered.