《Large Institution》Goldman Sachs: Kelun-Biotech (06990.HK) sac-TMT combination therapy clinical study reaches primary endpoints, maintains a “Buy” rating

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Goldman Sachs issued a report saying that Kelun-Biotech (06990.HK) +32.800 (+6.584%) saw short selling of $99.4 million; the ratio was 16.011%. It announced an antibody-drug conjugate (ADC) targeting trophoblast cell-surface antigen 2 (TROP2)—luntsuc-TMT (sac-TMT, also known as SKB264/MK-2870)—in combination with Merck & Co.’s anti-PD-1 monoclonal antibody “Keytruda”, and that the Phase 3 clinical study (OptiTROP-Lung06) in first-line treatment of locally advanced or metastatic NSCLC with PD-L1 negativity has met its primary endpoint. The firm expected that the positive clinical results are a key step for sac-TMT in the 1L NSCLC study, raising the success rate of Lung06 from 81% to 90%; the success rate for the overseas 1L NSCLC indication with PD-L1 tumor proportion score (TPS) <50% was raised from 54% to 63%. Goldman Sachs raised its earnings per share forecasts for Kelun-Biotech for 2027 and 2028 to RMB 7.51 and RMB 14.46, respectively. The target price was raised from 561.4 to 582.95, maintaining a “Buy” rating, and believes Kelun-Biotech could become an influential global ADC drug company. (gc/u)(Hong Kong stock quotes are delayed by at least fifteen minutes. Short selling data is as of 2026-07-15 12:25.)
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