Key Takeaways
- BofAS maintains Buy rating on Akeso with a HKD162.8 price target.
- February sales for cadonilimab hit RMB44.3 million, up 249.5% year-over-year.
- Ivonescimab sales surged 517.4% year-over-year to RMB26.6 million.
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Akeso price target held at HKD162.8 on strong drug sales
Bank of America Securities maintained its Buy rating and HKD162.8 price target for Akeso Inc., after the drugmaker’s key products showed triple-digit sales growth in February.
"Cadonilimab recorded MoM growth against seasonality," Bank of America Securities said in its report, highlighting the 9.6% sequential growth during the Lunar New Year holiday period.
The firm's positive stance is based on strong sales figures from February, where sample drug sales grew 319.6% year-over-year to RMB71.3 million. The report highlighted the following breakdown:
- Cadonilimab (cancer treatment): Sales reached RMB44.3 million, a jump of 249.5% from the previous year and a 9.6% increase from the prior month.
- Ivonescimab (cancer treatment): Sales hit RMB26.6 million, marking a 517.4% year-over-year expansion.
The strong performance, particularly the sequential growth during a typically slower holiday month, suggests robust underlying demand for Akeso's cancer treatments. This could boost investor confidence ahead of the company's full earnings report.
The sustained sales momentum for both cadonilimab and ivonescimab is a key factor for the bullish analyst rating. Investors will be watching for the official first-quarter results to see if the volume expansion can drive margin improvement.
This article is for informational purposes only and does not constitute investment advice.
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