Core Viewpoint - Morgan Stanley has a more positive outlook on Kelun-Botai Biopharmaceutical (06990), raising its revenue forecast for 2025 to 2033 by 1% to 10% and increasing the target price from HKD 499 to HKD 545, citing multiple catalysts expected in 2026 [1] Group 1 - The company recently announced positive data from the Phase III clinical trial of SKB264 (sac-TMT) in mainland China, marking the first successful Phase III trial for sac-TMT in first-line treatment of non-small cell lung cancer (NSCLC) [1] - This trial is also the first globally to demonstrate that the ADC+PD-1 combination therapy is superior to PD-1 monotherapy in first-line treatment of NSCLC [1] - Based on the trial results, the company plans to submit a supplemental new drug application (sNDA) for sac-TMT targeting the relevant indications in China [1]
小摩：升科伦博泰生物-B(06990)目标价至545港元 重申“增持”评级