KEYMED BIO-B (02162) saw its stock price soar by 5.09% in Wednesday's trading session, following a bullish research report from CICC. The investment bank maintained its outperform rating on the biotech company and significantly raised its target price by 54.5% to HK$85.00, representing a 16.8% upside from the current share price.
The positive outlook is driven by several factors, including KEYMED BIO-B's strong financial performance and pipeline progress. CICC adjusted its 2025 loss forecast for the company from 837 million yuan to 524 million yuan, citing the recognition of upfront and milestone payments from out-licensing deals for CM313 and CM355. These deals contributed to a substantial revenue boost, with the company reporting a 812% year-on-year increase in 1H25 revenue to 499 million yuan.
Furthermore, KEYMED BIO-B's core product, the dupilumab biosimilar CM310, has received approval for three indications from the CDE, including adult moderate-to-severe atopic dermatitis, seasonal allergic rhinitis, and chronic rhinosinusitis with nasal polyps. The company is also making strides in global partnerships, notably with AstraZeneca for its CLDN 18.2 ADC (CMG901) product. Additionally, KEYMED BIO-B is advancing its pipeline through various clinical trials, both domestically and internationally, further strengthening its market position and growth prospects.
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