Cadonilimab And Ivonescimab Trials Will Broaden Market Access

Akeso's analyst price target has been revised slightly downward from $175.45 to $175.08, as analysts temper fair value estimates following minor adjustments to discount rate assumptions. What's in the News Groundbreaking Phase III HARMONi-6 study results for ivonescimab accepted for publication in The Lancet and selected as a Late-Breaking Abstract for the 2025 ESMO Congress.

Analysts have raised their fair value estimate for Akeso from $169.47 to $175.45 per share, citing incremental improvements in company fundamentals and outlook. What's in the News Ivonescimab, Akeso's globally first-in-class PD-1/VEGF bispecific antibody, is set for Late-Breaking Abstract presentation at the 2025 ESMO Congress.

The consensus price target for Akeso has increased to HK$169.47, primarily reflecting a higher expected future P/E despite a modest decline in net profit margin. What's in the News Akeso is advancing multiple late-stage global trials for its bispecific antibodies, notably cadonilimab (PD-1/CTLA-4) and ivonescimab (PD-1/VEGF), across several cancer types including HCC, NSCLC, gastric, pancreatic, biliary tract, and colorectal cancers, with several studies meeting or surpassing primary endpoints and demonstrating significant clinical benefits over existing therapies.

The significant upward revision in Akeso’s price target is primarily driven by a sharp increase in net profit margin and a substantial reduction in future P/E, resulting in the consensus fair value rising from HK$125.08 to HK$158.71. What's in the News Akeso filed a follow-on equity offering for HKD 3.97 billion via a subsequent direct listing of 26.55 million ordinary shares at HKD 149.54 each.

The upward revision in Akeso’s price target reflects improved valuation sentiment, as indicated by a lower future P/E ratio, with the fair value rising to HK$125.08. What's in the News Akeso continues to expand its late-stage oncology pipeline, with multiple first-in-human and pivotal Phase III trials initiated for its bispecific antibodies, particularly ivonescimab (PD-1/VEGF) targeting various indications including lung, colorectal, pancreatic cancers, and small cell lung cancer.

The consensus price target for Akeso has increased, primarily reflecting higher growth expectations as indicated by a substantial rise in the Future P/E, alongside a modestly lower discount rate, resulting in a revised fair value of HK$118.36. What's in the News NMPA accepted Akeso's sNDA for ivonescimab with chemotherapy as first-line treatment for advanced sq-NSCLC following positive Phase III results; ivonescimab now has three accepted applications in China and is in over 12 global Phase III trials across multiple cancers.

AnalystConsensusTarget has decreased future PE multiple from 58.2x to 51.2x and decreased shares outstanding growth rate from 0.0% to -0.0%.

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

AnalystConsensusTarget made no meaningful changes to valuation assumptions.