CICC International: Raise target price of Sino Biopharmaceutical (01801.HK) to 72 Hong Kong dollars and maintain "outperform" rating.

According to the Securities Times APP, CICC released a research report stating that it has raised the target price of Innovent Biologics (01810.HK) by 18%, from 61 Hong Kong dollars to 72 Hong Kong dollars, and maintained a rating of "outperform the market". The bank believes that recent catalysts for Innovent Biologics include: 1) potential licensing transactions for the global (excluding Greater China) commercial rights of its drug IBI-363; 2) clinical data on IBI-363 will be released at the ASCO conference in 2025, bringing positive surprises; 3) Mazdutide (IBI-362) is highly likely to receive Chinese drug registration approval by the end of the second quarter of 2025 for the treatment of obesity and type 2 diabetes (T2DM).