中信里昂：维持康方生物目标价177港元 评级“跑赢大市“

Core Viewpoint - Citic Securities maintains a target price of HKD 177 for Kangfang Biopharma (09926) and a "outperform" rating, following the positive trends observed in the global Phase III Harmoni study data for ivonescimab in treating second-line EGFR+ non-small cell lung cancer (NSCLC) [1] Group 1 - The Harmoni study showed an improvement in overall survival (OS) risk trend from 0.79 to 0.78, with risk ratios reported at 0.7 for North America and 0.76 for Asia, indicating strong performance [1] - The next anticipated catalyst is the presentation of results from the Harmoni-6 head-to-head Phase III trial against tislelizumab at the 2025 European Society for Medical Oncology (ESMO) [1]