Changes in Hong Kong stocks | Kangfang Biotech (09926) rose more than 3% Recently, the first approved product in the non-oncology field has completed a new round of stock placement

The Zhitong Finance App learned that Kang Fang Biotech (09926) rose more than 3%. As of press release, it had risen 2.95% to HK$66.4, with a turnover of HK$199 million.

According to the news, recently, the company has completed a new round of stock placement and successfully raised approximately HK$1.94 billion. Xia Yu, founder, chairman, president and CEO of Kangfang Biotech, said that this move will help accelerate the company's exploration of global value in independently developing new drugs and further enhance the company's competitiveness in the global market.

CICC released a research report stating that it maintains Kangfang Biotech's “outperforming the market” rating, and the profit forecast for the 2024 and 2025 fiscal years remains unchanged. In view of the progress of the company's various products and the improvement in the liquidity of H shares, the target price was raised by 28.6% to HK$90. Kang Fang Biotech announced earlier that its new drug marketing license application for ixining (inucimab, PCSK9) has been approved by the China National Drug Administration. It is the company's first approved product in the non-oncology field, and the company's fifth independent innovative drug to enter the commercialization stage.