康方生物：维持目标价112.6港元，评级“跑赢大市”-20250604

Investment Rating - The report maintains a "Outperform" rating for Kangfang Biopharma (09926) with a target price of HKD 112.6 [1] Core Insights - Kangfang Biopharma and its partner Summit Therapeutics released global Phase III clinical trial data for Ivonescimab, used for second-line treatment of EGFR+ non-small cell lung cancer (NSCLC), which is consistent with last year's clinical trial data in mainland China [1] - The company plans to submit a Biologics License Application (BLA), and future consultations with the U.S. Food and Drug Administration (FDA) will be a key focus [1]