CMSC International Reaffirms Buy Rating on ABBISKO-B With HK$32.5 Price Target, Citing Significant Market Undervaluation

Stock News11:54

CMSC International has released a research note maintaining its Buy rating and HK$32.5 price target for ABBISKO-B, arguing that the company is substantially undervalued by the market. The brokerage attributes this undervaluation primarily to insufficient liquidity and the stock not yet being included in the Stock Connect program.

The company's selective oral small-molecule FGFR2/3 inhibitor, lavengratinib, has demonstrated positive preliminary efficacy results from its Phase II clinical trial for treating achondroplasia in children. According to the interim Phase II data, lavengratinib currently leads in average annual growth velocity compared to other injectable C-type natriuretic peptide drugs such as BioMarin's Voxogo and Ascendis' Uvwell, as well as BridgeBio's oral FGFR3 small molecule inhibitor Infigratinib, which has either completed Phase III trials or is in the regulatory approval stage.

CMSC International looks forward to future results from larger patient cohorts for lavengratinib, and anticipates the company successfully establishing the optimal recommended Phase II dose to initiate a Phase III registration trial. The brokerage also expects the company to provide data on patient quality of life outcomes in the future.

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