Bank of America Securities Reiterates 'Buy' Ratings for Innovent Biologics (01801.HK) and Hansoh Pharma (03692.HK), Raises Target Prices

According to the Zhicheng Caijing APP, Bank of America Securities released a research report stating that Innovent Bio (01801) recently reached a commercialization agreement with Eli Lilly (LLY.US) for the latter's non-covalent (reversible) BTK inhibitor "Pirtobrutinib" in mainland China. After incorporating the sales forecast of this product, the company’s revenue forecasts for 2025 and 2026 were raised by 1.9% and 3.4%, respectively. The target price was increased from HK$54.1 to HK$56.4, reiterating a “Buy” rating.

The report mentioned that Hansoh Pharma (03692) had previously entered into an agreement with Merck, granting the global exclusive license for the development, production, and commercialization of HS-10535, a preclinical oral small-molecule GLP-1 receptor agonist. Bank of America raised its revenue and earnings per share forecasts for 2025 by 6.9% and 19.2%, respectively, and increased the target price from HK$23.9 to HK$24, reiterating a "Buy" rating.