Goldman Sachs: Raises the target price of INNOVENT BIO (01801) to HKD 120.6, maintains "Buy" rating.

Goldman Sachs released a research report stating that it has raised the target price of INNOVENT BIO (01801) from HKD 111.68 to HKD 120.6, maintaining a "Buy" rating. Goldman Sachs noted that INNOVENT BIO's net profit for the first half of the year was RMB 1.25 billion, representing a year-on-year growth of 50%, which was higher than the bank's and market expectations, mainly benefiting from the leverage effect of selling and administrative expenses (SG&A), despite an increase in research and development costs. Goldman Sachs has updated its earnings per share forecasts for 2026 to 2028 to RMB 1.79, RMB 3.50, and RMB 4.68, reflecting the performance in the first half of the year and slight adjustments to operating expenses.