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On Thursday, Jefferies initiated coverage on Duality Biotherapeutics, listed on the Hong Kong Stock Exchange under the ticker 9606:HK, with a Buy rating and a price target of HK$500.00. The firm highlighted Duality Biotherapeutics’ strong and diversified antibody-drug conjugate (ADC) pipeline, which is focused on cancer and autoimmune diseases.
The coverage notes Duality Biotherapeutics’ strategic collaboration with BioNTech (NASDAQ:BNTX) and GSK, which provides a solid foundation for the company’s global expansion ambitions. The analyst at Jefferies emphasized the company’s effective use of multinational corporation (MNC) combo strategies and its approach to indication differentiation for mature targets.
Duality Biotherapeutics is recognized for its strategy to differentiate itself within the market. It has been working on indication differentiation for well-established targets, such as using its HER2 ADC for all level expression epithelial cancers and its B7-H3 ADC for colorectal cancer. This approach sets the company apart, as competitors like Daiichi have not started trials in these areas.
In addition to focusing on mature targets, Duality Bio is actively pursuing the development of novel targets. The company is exploring bi-specific and tri-specific ADCs and is also working on dual-payload and innovative payload technologies. Currently, the company utilizes Topo-1 payload for all its late-stage molecules.
The initiation of coverage by Jefferies with a positive outlook and a substantial price target suggests confidence in Duality Biotherapeutics’ potential for growth and its position in the biotechnology market. The company’s diverse pipeline and strategic partnerships are key factors contributing to this optimistic assessment.
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