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Nomura Raises SKB BIO (06990.HK) TP to HKD544.42; Encouraging Lung Cancer Data
Nomura published a report stating that SKB BIO (06990.HK) will announce the results of its OptiTROP-Lung05 clinical trial for TROP-2 ADC drug sac-TMT at the upcoming 2026 American ...
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Nomura Raises SKB BIO (06990.HK) TP to HKD544.42; Encouraging Lung Cancer Data
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Nomura published a report stating that SKB BIO (06990.HK)  +15.000 (+3.356%)    Short selling $360.83M; Ratio 35.738%   will announce the results of its OptiTROP-Lung05 clinical trial for TROP-2 ADC drug sac-TMT at the upcoming 2026 American Society of Clinical Oncology (ASCO) Annual Meeting. The Phase III trial targeted PD-L1-positive non-small cell lung cancer (NSCLC) patients. Data showed that sac-TMT in combination with pembrolizumab significantly improved progression-free survival (PFS) compared with pembrolizumab monotherapy, with a hazard ratio (HR) of 0.35, and demonstrated a positive overall survival (OS) trend (HR=0.55).

The broker believes the dataset is highly encouraging, marking the first ADC drug to demonstrate PFS improvement in a Phase III trial targeting PD-L1-positive NSCLC patients. Compared with other regimens showing an HR of around 0.50, the PFS HR achieved in this trial sets a notably high benchmark and could reshape the competitive landscape. Based on this positive update and the previously announced TROUSE-05 trial results, the broker has raised its revenue forecasts for the drug in both China and overseas markets.

Nomura maintained its Buy rating on SKB BIO, and based on a discounted cash flow (DCF) model, raised its TP from HKD438.3 to HKD544.42. The revision also reflects an increase in the terminal growth rate assumption from 4% to 4.5% due to improved sales prospects, while the weighted average cost of capital (WACC) remains unchanged at 10.8%. (da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.)

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