Core Viewpoint - 招银国际 has initiated coverage on Valiant Bio-B (09887) with a "Buy" rating and a target price of HKD 63.5, highlighting the company's focus on developing immune checkpoint therapies and expanding into other areas such as CD3 T cell connectors and antibody-drug conjugates (ADC) [1] Company Overview - Valiant Bio-B specializes in developing immune therapies that involve immune checkpoint inhibitors and co-stimulatory agonists [1] - The company has developed proprietary platforms, namely the Leads Body platform and the X-body platform, which serve as engines for continuous drug discovery [1] Product Development - The company is optimistic about the development of PD-L1/4-1BB and TCE as next-generation immuno-oncology (IO) therapies [1]

Core Viewpoint - 招银国际 has initiated coverage on Valiant Bio-B (09887), expressing optimism about its focus on developing immune checkpoint therapies and other innovative treatments, assigning a "Buy" rating with a target price of HKD 63.5 [1] Company Summary - Valiant Bio-B specializes in developing immune therapies, including co-stimulatory agonists and checkpoint inhibitors, while also expanding into areas such as CD3 T cell engagers and antibody-drug conjugates (ADC) [1] - The company has developed proprietary platforms, namely the Leads Body platform and X-body platform, which serve as engines for continuous drug discovery [1] - The firm is particularly optimistic about Valiant Bio-B's development of PD-L1/4-1BB and TCE as next-generation immuno-oncology (IO) therapies [1]

Core Viewpoint - The article discusses the potential of a newly identified gut bacterium, YB328, in enhancing the efficacy of immune checkpoint blockade (ICB) therapies, particularly in cancer treatment, by promoting dendritic cell maturation and CD8+ T cell activation [1][4][7]. Group 1: Research Findings - A study published in Nature identified a gut bacterium that accelerates dendritic cell maturation and migration, increasing the response of CD8+ T cells to various tumor antigens, thereby enhancing anti-tumor immunity [2]. - The research analyzed fecal samples from 50 cancer patients undergoing PD-1 blockade therapy, revealing that the YB328 strain was significantly enriched in patients who responded to the treatment [4]. - In mouse models, fecal transplants from non-responding patients supplemented with YB328 showed significantly improved anti-tumor effects of PD-1 blockade therapy, indicating YB328's potential role in enhancing cancer immunotherapy [4]. Group 2: Mechanism of Action - YB328 promotes the differentiation of CD103+ CD11b- conventional dendritic cells (cDC), which are crucial for cross-presenting antigens to CD8+ T cells [5]. - The bacterium stimulates various Toll-like receptors (TLRs), leading to the phosphorylation of S6K and STAT3, and induces the expression of IRF8, facilitating cDC differentiation [5]. - The activated cDC migrate to tumor-draining lymph nodes and the tumor microenvironment, where they activate CD8+ T cells and induce PD-1+ CD8+ T cells targeting multiple tumor antigens [5][7]. Group 3: Future Directions - The research team is collaborating with a biotechnology company to conduct human clinical trials within the next three years to test whether YB328 can improve cancer patients' responses to checkpoint inhibitors [8].