Glonghui, September 10 | Lyon published a research report saying that Kangfang Biotech recently announced the self-developed PD-1/VEGF bispecific antibody product “evosimab injection” (AK112). The single drug compared Pabolizumab 1L achieved positive results in a phase III clinical trial to treat patients with PD-L1 positive non-small cell lung cancer (NSCLC). The results showed that AK112's progression-free survival period was 11.14 months, while Pabolizumab alone was 5.82 months, with a risk ratio of 0.51. The results were encouraging. Lyon raised Health Biotech's target price from HK$69.8 to HK$72.1, maintaining the “outperforming market” rating. It believes that strong test data indicates that AK112 has good development prospects. It raised Kang Fang's sales forecast for each year from 2024 to 2026 by 1.4%, 1.6% and 2.3%, respectively, and raised its net profit forecast by 16.6%, 7.8% and 6.5% for each year to reflect the higher sales expectations of AK112.