Citigroup Raises Target Price for Innovent Biologics to HK$115, Reiterates Buy Rating

Stock News03-27

Citigroup has issued a research report indicating that Innovent Biologics (01801) reported a 38% year-on-year increase in revenue last year, reaching RMB 13 billion, while achieving a net profit of RMB 834 million, marking a turnaround from a loss in the previous year. Management has reaffirmed its guidance for product sales to reach RMB 20 billion by 2027. Despite recent price adjustments and intensified competition, the company noted that sales of mazdutide continue to show strong momentum. The bank has raised its revenue forecasts for the company by 24% for this year and 23% for next year, while increasing earnings per share estimates by 33% and 5%, respectively. Additionally, Citigroup has lifted its target price for the stock from HK$110 to HK$115, maintaining a "Buy" rating.

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