Investment Rating - The report maintains a "Buy" rating for 康诺亚 (2162.HK) with a target price of 58 HKD [2][3]. Core Insights - Recent data for CM310 and CMG901 aligns with expectations, showing stable and positive trends. CM310 demonstrates superior efficacy compared to Dupixent in treating moderate to severe atopic dermatitis, with a 52-week EASI-75 response rate of 92.5% and a low rate of anti-drug antibodies [2]. - CMG901 shows promising results in the treatment of 2L+ gastric cancer, with an overall objective response rate (ORR) of 35% and a disease control rate (DCR) of 70%, indicating its potential as a best-in-class therapy [2]. - Key upcoming catalysts for 2024 include potential approvals for CM310 in adult atopic dermatitis and chronic rhinosinusitis with nasal polyps, as well as important data readouts for other candidates [2]. Summary by Sections CM310 Efficacy Data - CM310 shows a 52-week EASI-75 response rate of 92.5% and an EASI-90 response rate of 77.1%, outperforming Dupixent [2]. - Serious adverse events (SAE) were reported at 5.1%, with no new safety signals identified compared to previous data [2]. CMG901 Update - The updated 1b phase data for CMG901 in gastric cancer shows an ORR of 35% and a DCR of 70%, with the 2.2 mg/kg dose group achieving an ORR of 48% [2]. - The median progression-free survival (mPFS) is reported at 4.8 months, and median overall survival (mOS) is 11.8 months [2]. Financial Projections - Revenue projections for 2024 estimate 1,175 million RMB, with a significant increase from 2023 [8]. - The report anticipates a net loss of 803 million RMB for 2024, reflecting ongoing investment in R&D [8]. Market Performance - The current stock price is 31.5 HKD, with a potential upside of 84% to the target price of 58 HKD [4]. - The stock has traded within a 52-week range of 26.6 to 64.8 HKD, indicating volatility [4].
康诺亚-B：CM310 52周数据和更新胃癌数据均符合预期CMG901