Citic Securities Sets SKB BIO-B (06990) Target Price at HK$592, Maintains "Buy" Rating

Stock News11-27

Citic Securities issued a research report stating that SKB BIO-B (06990) has gained recognition from multinational corporations (MNCs) for its core product, sacituzumab govitecan (sac-TMT/SKB264/MK-2870), along with global development capabilities. The report highlights the potential for further expansion of ADC+IO combination therapy in collaboration with Merck's Keytruda. Considering the accelerated global development of its core product and imminent domestic commercialization, Citic Securities maintains a "Buy" rating with a target price of HK$592 based on DCF valuation.

On November 24, 2025, SKB BIO-B announced that its Phase III clinical trial for sac-TMT/SKB264/MK-2870 combined with pembrolizumab as first-line treatment for PD-L1-positive non-small cell lung cancer (NSCLC) met its primary endpoint. This marks the first global Phase III study demonstrating positive results for an ADC combined with an immune checkpoint inhibitor (IO) in first-line NSCLC. The outcome further validates the combination therapy potential of sac-TMT/SKB264/MK-2870, supported by its three approved indications and multiple ongoing clinical trials, reinforcing the pipeline's value.

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