Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58 HKD, indicating a potential upside of 84% from the current price of 31.5 HKD [2][4][5]. Core Insights - The recent data for CM310 (treatment for moderate to severe atopic dermatitis) and CMG901 (treatment for gastric cancer) align with historical trends and expectations, showing stable and positive results [2][3]. - CM310 demonstrates superior efficacy compared to Dupixent, with a 52-week EASI-75 response rate of 92.5% and a significant reduction in patient-reported outcomes [3]. - CMG901 shows promising results in gastric cancer, with an overall objective response rate (ORR) of 35% and a disease control rate (DCR) of 70% in a cohort of patients with high CLDN18.2 expression [3]. Summary by Sections CM310 Efficacy Data - CM310's 52-week data shows a lower rate of drug resistance compared to Dupixent, with serious adverse events at 5.1% and severe treatment-emergent adverse events at 2.9% [3]. - The treatment group exhibited a 67.3% rate of achieving a significant reduction in daily pain scores [3]. CMG901 Clinical Data - The updated 1b phase data for CMG901 indicates an ORR of 35% and a DCR of 70%, with the 2.2 mg/kg dose group achieving an ORR of 48% [3]. - The median progression-free survival (mPFS) is reported at 4.8 months, and median overall survival (mOS) at 11.8 months [3]. Future Catalysts - Key upcoming catalysts include the expected approval of CM310 for adult atopic dermatitis by the end of 2024 and the submission for chronic rhinosinusitis with nasal polyps in mid-2024 [3]. - Additional important data readouts are anticipated for CM326 and CM313 in 2024 [3].
康诺亚-Ｂ：CM31052周数据和CMg901更新胃癌数据均符合预期