Nvidia’s results, Tesla’s European sales, Japan trade - what’s moving markets
On Wednesday, JPMorgan analysts adjusted their outlook on Akeso Inc (9926:HK), reducing the stock’s price target to HK$99.00 from a previous HK$110.00, while maintaining an Overweight rating. This adjustment follows a decline of approximately 10% in Akeso’s stock on Monday, in contrast to a 0.5% drop in the Hang Seng Index.
The analysts attributed the stock’s decline to increased regulatory uncertainty in the United States. This uncertainty arose from Summit’s inability to file a biologics license application for ivonescimab, despite the progression-free survival and overall survival data from the HARMONi study meeting expectations. The analysts noted that the maturity of overall survival data in non-Asian patients remains low, which affects the probability of success for ivonescimab in the US market.
In light of these factors, the probability of success for ivonescimab in the United States was reduced by approximately 10% in JPMorgan’s model, leading to the revised price target. The Overweight rating was maintained, indicating continued optimism about the company’s prospects.
The analysts also commented on the recent collaboration between Bristol-Myers Squibb (NYSE:BMY) and BioNTech (NASDAQ:BNTX) to co-develop BNT327, a PD-L1xVEGF bispecific antibody. They viewed this deal as a validation of the potential of PD-(L)1xVEGF bispecific antibodies as a next-generation immuno-oncology drug, highlighting the advantages BNT327 may gain from Bristol-Myers Squibb’s development experience and commercial resources.
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