
Cathay Securities and Haitong Securities: Initiates "Buy" rating on LEPU BIO-B, MRG003 expected to be approved domestically soon

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CITIC Securities has initiated coverage on LEPU BIO-B with a rating of "Buy" and a target price of RMB 9.55 / HKD 10.38. It is expected that the operating revenues for 2025-2027 will be RMB 853 million / RMB 1.204 billion / RMB 1.665 billion, respectively. The company's MRG003 is about to be approved and has established multiple oncology product pipelines, covering immunotherapy, ADC targeted therapy, and oncolytic virus drugs. MRG003 is expected to receive CDE priority review qualification in 2024 and submit NDA for review in 2025
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