Movement Alert｜CanNova Bio Rises 10.01% in Regular Trading, Receives First-Time Buy Rating from Shenwan Hongyuan

Market Focus05-29

On May 29, CanNova Bio rose 10.01% in regular trading, trading at HK$63.2 per share, with trading volume of HK$112 million.

On the news front, Shenwan Hongyuan Securities initiated coverage on CanNova Bio with a Buy rating and a target price of HK$89.47, implying 48% upside. The research report highlighted that the core product Sipuqibai monoclonal antibody has received approval for three indications, all of which have been included in the National Medical Insurance Directory. Drug sales revenue reached RMB 315 million in 2025, representing a 776% year-over-year increase. Additionally, the company's NewCo partner was acquired by Gilead Sciences, entitling CanNova Bio to receive approximately US$250 million in upfront payments.

The broader biotech sector rallied on the same day, with Innovent Bio up 12.29%, 3SBio up 9.04%, Akeso up 8.15%, and Remegen up 6.21%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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