JPMorgan: Maintains "Overweight" rating on Hengrui Pharmaceuticals (01276.HK), target price HK$65; EADV data reflects the company's strengthened development in the immunology business.

Zhitong Finance APP has learned that JPMorgan issued a research report maintaining a "Overweight" rating and a target price of HK$65 for Hengrui Pharmaceuticals (01276.HK). Hengrui Pharmaceuticals recently presented multiple studies at the European Academy of Dermatology and Venereology (EADV) Congress, providing broader validation for its emerging immunology product pipeline, covering the treatment of psoriasis, prurigo nodularis, and alopecia areata. The bank believes that the relevant data reflect that Hengrui is establishing reliable biologics and oral immunology business capabilities, rather than focusing solely on oncology as its development priority.