China Merchants Securities International: Upwardly revises the target price of CStone Pharmaceuticals to HKD 16.9, maintains "Overweight" rating

CICC International released a research report saying it has raised its target price for Jicheng Pharmaceutical (02616) by 131.5%, from HK$7.3 to HK$16.9, and maintained a “Buy” rating.

The firm increases the asset valuation for PD-1/VEGF/CTLA-4 TsAb

（CS2009). Although the asset faces uncertainty in future clinical development, the firm believes the company’s management has a clear R&D approach and strategy, and there is also the possibility of deep collaboration with major overseas pharmaceutical companies. CS2009’s triple antibody has the potential to stand out and break through.

Based on CS2009’s excellent early data, the market is re-pricing and beginning to build expectations for BD. The firm held a post-performance NDR with Jicheng Pharmaceutical; management is full of confidence in the expansion of the Ph2 dosing for the triple-antibody molecules and in future Ph3

MRCT.

(Editor: He Cong)

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