Citi Reinitiates RemeGen with 'Buy/High Risk' Rating and HK$105 Price Target

Gelonghui February 5 | Citi issued a research report stating that after a period of suspension of ratings, it has reissued a "Buy/High Risk" rating for RemeGen, with a target price of HK$105. The group has reached a collaboration with AbbVie on the PD-1/VEGF drug candidate RC148, further expanding the global potential of its pipeline candidates. Citi believes that after the completion of the collaboration, market focus should shift to the future global Phase III clinical studies and commercialization potential based on clinical data and competitive landscape. Regarding the global development of Telitacicept, the topline data from the Phase III clinical trial for the treatment of generalized myasthenia gravis is expected to be released in the first half of 2027, while the Phase III clinical trial for Sjögren's syndrome will commence in the first half of this year. Sales trends of Telitacicept in China are positive, and the company’s management aims to achieve break-even by 2026.