Zhitong Financial APP learned that INNOVENT BIO (01801) fell more than 5% in the afternoon and, as of press time, fell 4.24% to HK $33.85, with a turnover of HK $192 million.

China Merchants International Development and Research reported that it is estimated that INNOVENT BIO Da Boshu's sales in the second quarter are about 490-500m yuan, which is lower than the 600-700m yuan expected by the bank and the market. In addition, Dabeshu's second-quarter sales fell 30% year-on-year and 14% month-on-month, marking the second consecutive quarter of year-on-year decline.

Given the continuing negative impact of health care and increased competition, the bank believes that second-quarter PD-1 sales that are lower than expected may not improve in the short term. Therefore, the sales of Dabeshu 22 Compact in fiscal year 23 will be reduced to 2.5 billion / 3.5 billion yuan. The bank lowered its target price for INNOVENT BIO from HK $110 to HK $90, maintaining its "overweight" rating.