UBS: Raises INNOVENT BIO (01801) target price to HKD 120.1, maintains "buy" rating.

UBS released a research report stating that it has raised the target price of INNOVENT BIO (01801) from HK$105.1 to HK$120.1, maintaining a "buy" rating. Assuming that IBI363 is included for new indications, the peak sales forecast for the drug in China and globally will be raised to 5.7 billion and 20.3 billion RMB respectively. INNOVENT BIO recently registered a phase II clinical trial for IBI363. The bank believes that the trial reflects the company's confidence in IBI363 as a new generation of immunotherapy cornerstone drug, with potential to expand indications. In addition, industry data shows that the company's sales from January to May this year increased by 33% year-on-year, maintaining strong momentum. The bank expects INNOVENT BIO's first-half revenue to increase by 36% year-on-year and achieve breakeven.