According to the Zhongtong Finance app, Bocom International has published a research report maintaining a "buy" rating for Innovent Bio (01801) with a target price of HKD 48. The company's data on the weight loss of Masiduktide 6mg peptide (Phase III GLORY-1 trial) will be announced at the ADA conference on June 23rd local time. Recently, the clinical data of the company's next-generation pipeline has been intensively released, further verifying the company's differentiated layout advantages in key races such as next-generation IO and ADC. Although these assets are still in the early stages of clinical development, the company's phase I data in difficult-to-treat major cancers have been quite impressive. If subsequent trials can maintain/approach this efficacy, the global market space will be considerable.
The report stated that initial data from Phase I of IBI363 (PD-1/IL-2α-bias dual antibody) showed that in all solid tumor patients (N=300) and IO-treated patients (N=204), ORRs reached 17.3%/17.6%, and dose-efficacy correlation was evident, with ORR reaching 46.7% in the 3mg/kgQ3W dose group (N=15). IBI363 achieved significantly better efficacy than existing IO drugs in cold tumors/IO-treated hot tumors: 1) Limbs and mucosal subtypes of melanoma belong to cold tumors, with ORRs of 42.9%/18.2% and DC77.]Rs of 71.4%/81.8% in IO-treated patients in this trial; 2) There are few effective treatments for MSS colorectal cancer, among which patients with liver metastases (accounting for 70%) have almost no response to IO therapy, while IBI363 achieved ORRs of 12.7% at doses of 0.6-1mg/kgQ2W, with ORRs of 13.2%/12.0% in patients with/without liver metastases; 3) At a dose of 3mg/kg, ORRs in IO-treated squamous NSCLC reached 100% (N=6).
The bank stated that with significantly differentiated molecular design (α-biasIL-2 only activates on PD-1 positive tumor-specific T cells), IBI363 has better safety, wider treatment window, and more promising multi-drug combination opportunities than other IL-2 targeting drugs, with a dose of 3mg/kgQ3W approaching the approved dosage of PD-1 monotherapy. The company will further accumulate 3mg/kg data in key indications and start global PoC clinical trials after determining RP2D.