Group 1 - Morgan Stanley reported that the stock price of Innovent Biologics (01801.HK) fell by approximately 7% on Monday, which may be related to the recently announced National Reimbursement Drug List (NRDL) [1] - The investment bank maintains an "Overweight" rating on the stock, with nearly 12 investment firms issuing buy ratings in the past 90 days, and the average target price over this period is HKD 118.29 [1] - CITIC Securities recently provided a buy rating for Innovent Biologics with a target price of HKD 136.12 [1] Group 2 - Innovent Biologics has a market capitalization of HKD 147.301 billion and ranks second in the biopharmaceutical II industry [2]

Core Viewpoint - Morgan Stanley reports that the stock price of Innovent Biologics (01801) fell approximately 7% on Monday, likely due to the recently announced National Reimbursement Drug List (NRDL) [1] Group 1: Investor Concerns - Investors are concerned that Eli Lilly's (LLY.US) tirzepatide being included in the NRDL for diabetes treatment may pressure the sales potential of Innovent's mazdutide [1] - There are worries that Innovent may need to significantly reduce the prices of its small molecule inhibitors to gain NRDL coverage, which could exacerbate sales pressure [1] Group 2: Drug Development Insights - Morgan Stanley finds the preliminary data for Innovent's trispecific antibody drug IBI3003, to be presented at ASH'25, encouraging, suggesting its efficacy may be comparable to Johnson & Johnson's (JNJ.US) trispecific antibody drug JNJ-5322 [1]