Citibank: Raising the target price of Hewang Pharmaceuticals (00013) to HK$39 to maintain a “buy/high risk” rating

The Zhitong Finance App learned that Citi released a research report stating that it will raise the target price of Hewang Pharmaceutical (00013) from HK$36 to HK$39, maintaining a “buy/high risk” rating. The bank also raised the company's 2026-2028 oncology/immunology business revenue forecast by 27%, 26% and 14%, and the earnings forecast per share to 0.08, 0.09 and 0.13 US dollars. Hewang Pharmaceuticals and GSK reached an licensing agreement for HMPL-A830 (KRAS-EGFR ATTC). Citi believes that GSK's approval validates the ATTC platform concept, and that the deal was reached earlier than expected by the bank. In addition, Citi expects HMPL-A251 and HMPL-A580 to be administered to patients for the first time from the end of this year to the beginning of next year. At that time, more human data will further validate the ATTC platform.