Goldman Sachs Reiterates Buy Rating on Kelun-Bota Biopharma, Raises Target Price to HK$582.95

Deep News07-16

Goldman Sachs has issued a research report updating its forecasts and target price for Kelun-Bota Biopharma (06990).

The firm has increased its earnings per share estimates for the company for 2027 and 2028 to RMB 7.51 and RMB 14.46, respectively.

Concurrently, the investment bank has raised its 12-month target price from HK$561.40 to HK$582.95 while maintaining a Buy rating on the stock.

Analysts at the firm believe Kelun-Bota Biopharma has the potential to become an influential global player in the antibody-drug conjugate (ADC) therapeutics sector.

The positive outlook follows the company's announcement that its Phase III clinical trial, OptiTROP-Lung06, for its TROP2-targeting ADC sac-TMT (also known as SKB264/MK-2870) in combination with Merck's anti-PD-1 therapy Keytruda, has met its primary endpoint.

The trial is evaluating the combination as a first-line treatment for PD-L1 negative locally advanced or metastatic non-small cell lung cancer (NSCLC).

Goldman Sachs views the successful trial results as a critical step for sac-TMT in the first-line NSCLC treatment landscape.

As a result of the positive data, the bank has raised its probability of success assessment for the Lung06 study from 81% to 90%.

Furthermore, the probability of success for the overseas indication targeting first-line NSCLC patients with a PD-L1 Tumor Proportion Score (TPS) of less than 50% has been increased from 54% to 63%.

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