Goldman Sachs: First initiate coverage of Canoaa with a "buy" rating and a target price of HK$92.67.

Goldman Sachs initiated coverage of ConoAya for the first time, giving it a "buy" rating with a target price of HK$92.67. The companys first commercial product, Stapokibart, has been approved in mainland China for indications including atopic dermatitis, chronic sinusitis, and seasonal allergic rhinitis. Leveraging Stapokibarts first-mover advantage in the relevant fields, the bank believes the drug has the potential to establish a valuation foundation for the company, with peak sales expected to surpass RMB 5 billion by 2035. In addition, the bank expects greater growth momentum to come from CM512, believing that it could become a preferred option for asthma and chronic obstructive pulmonary disease; global sales of CM512 are projected to reach $3.3 billion and $694 million respectively in the pre- and post-PoS stages in 2035.