2025-06-05-Jefferies-Adagene（ADAG）_AnaptysBio（HRTX）_免疫生物公司（IBRX）_杰富瑞全球医疗会议第二天_IBRX_HRTX_ADAG_8页_121kb

IBRX (ImmunityBio)

• Rating: Buy
• Price Target: $8.00 (+173% from current $2.93)
• Key Developments: CEO Richard Adcock discussed the company's vision for Anktiva as a backbone for treating cancers, emphasizing the FDA authorization for Anktiva in lymphopenia. Management reported Anktiva's revenue doubling from $7.2M to $16.5M year-over-year, with confidence in Q2 sales due to strong demand post-January 2024 J-code approval. The company is advancing rBCG development via collaboration with Serum Institute, addressing the US BCG shortage, with FDA discussions ongoing. For papillary-NMIBC, the dialogue with FDA is open for potential Phase 3 trials. Overall risks include clinical, regulatory, manufacturing, commercial, financing, and competitive factors.

HRTX (Heron Therapeutics)

• Rating: Buy, Covered by Dong
• Price Target: $6.00 (+84% from current $2.04)
• Key Developments: CEO Craig Collard highlighted the company's profitability and focus on Zynrelef launch, citing tailwinds such as indication expansion, the NOPAIN Act, and CrossLink distribution partnership. Management expects a revenue inflection point in 2H'25, with Zynrelef projected to reach an inflection point despite ongoing initiative timelines. The prefilled syringe launch is targeted for early 2027. Other franchises, like Cinvanti and Sustol, show volume growth and serve as a revenue foundation; Aponvie has large unrealized potential and continues to grow. Risks include clinical, commercial, and regulatory challenges.

ADAG (Adagene)

• Rating: Hold
• Price Target: $3.50 (+84% from current $1.90)
• Key Developments: Management presented updated clinical data for ADG126 in mismatched MSI-CRC at ASCO, showing a 29% confirmed objective response rate (ORR) with no dose-limiting toxicities in 20mg/kg cohorts due to the SAFEbody design enhancing safety. Median overall survival (mOS) was 19.4 months in cohort 10mg/kg. Plans include a Q3'25 regulatory update and preliminary neoadjuvant CRC data by year-end 2025. The company is funded by platforms like NEObody, SAFEbody, and POWERbody, with programs in Phase Ib and IND filings. Risks cover clinical, regulatory, manufacturing, commercial, financing, and competitive aspects.