The Zhitong Finance App learned that CMB International released a research report stating that it believes that the valuation of Yingen Bio-B (09606) is still mainly driven by the B7-H3 ADC asset Elfe-D. The bank maintains a “buy” rating, with a target price of HK$284.5.
According to the bank, Elfe-D is expected to become a major product, supported by emerging efficacy, differentiated safety, and potential first-mover advantage in ADC+IO 2.0; the latest ESMO update, along with last month's WCLC data, further strengthens this investment argument, showing that early efficacy in lung cancer and non-lung cancer solid tumors (including SCLC, PROC, HCC and CC) is encouraging, and tolerability is manageable.
The bank notes that ESMO released global phase II data for ELFE-D combined with Pumitamig, covering 142 patients with HCC, CC, PROC, HNSCC and melanoma. About 60% had received at least two lines of treatment. All five types of tumors showed encouraging responses. The UORR for PROC, CC and HCC were 80.6%, 50%, and 42.9%, respectively. Last month's WCLC lung cancer data also supports the ADC+IO 2.0 argument. Among SCLC patients whose efficacy can be assessed, first-line and second-line uORR reached 92.3% and 76.2%, respectively. In terms of safety, grade ≥3 TRAE is only 38.7% for non-lung cancer solid tumors, 26.5% for lung cancer patients, and the incidence of ILD/pneumonia is limited.
The bank believes that the global phase III single-drug study for initial chemotherapy treatment of mCRPC continues to provide major support for valuation, while expanding combined data brings considerable upward options. Looking ahead, the first key study with ELFE-D and PumitamiG may be launched at the end of 2026 or the beginning of 2027. It is expected to be the next major catalyst, and 2027 or key projects will follow up.