CICC raises Sanofis target price to HK$19.6 and maintains "outperform" rating.

According to the Zhixun Financial APP, Citi Research has released a research report stating that the target price of Sanjiu Pharmaceuticals (01530.HK) has been raised by 59% from 12.3 Hong Kong dollars to 19.6 Hong Kong dollars, and the target P/E ratio has been raised from 9.8 times to 15 times, maintaining an "outperform" rating. The report pointed out that the overseas authorization of SSGJ-707 has finally been finalized. The bank believes that with the approval of AK112 by Kangfang Biotech (09926.HK) in China, the risk of this asset has been significantly reduced. The bank believes that Pfizer is a strong overseas partner, as it has a rich portfolio of ADC pipeline assets as potential combination therapy candidates.