Innovent expands MarsLight-11 study. CLSA keeps HKD 146.10 target for Innovent stock

Published on 10/07/2026 at 07:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 44.80 percent to RMB 8.618 billion. For Innovent stock, net profit reached RMB 1.253 billion.

Innovent, KYG4818G1010, Illustration mit AI erstellt.

Innovent Biologics (ISIN KYG4818G1010) expanded its MarsLight-11 Phase 3 study on September 28, 2026, adding patients with non-squamous non-small cell lung cancer, according to Innovent. Futubull reported that CLSA maintained an Outperform rating and a HKD 146.10 target for Innovent on September 7, 2026.

Phase 3 expansion adds scale

The MarsLight-11 study is evaluating IBI363, a PD-1 and IL-2 bispecific fusion protein, in immunotherapy-resistant non-small cell lung cancer. Innovent said the expansion covers non-squamous disease in addition to the squamous population already included in the global study.

The clinical move broadens the addressable patient pool for a late-stage asset while keeping the development focus on a major oncology indication. The company also reported that a China-based Phase 3 study of IBI363 in later-line colorectal cancer had commenced in the first half of 2026, according to Futubull.

Revenue growth supports valuation

Innovent generated RMB 8.618 billion of revenue in the first half of 2026, up 44.80 percent from the same period a year earlier. Product revenue reached RMB 8.201 billion, an increase of 56.70 percent, while first-half IFRS net profit rose 50.20 percent to RMB 1.253 billion, according to Futubull.

That operating comparison matters because product sales grew faster than total revenue during the period. R&D expenses were RMB 1.684 billion, equal to 19.54 percent of revenue, and the company had 20 marketed products as of June 30, 2026, the same report said.

HKEX quote and risk balance

The HKEX quote stood at HKD 97.45 at 11:59 a.m. HKT on October 7, 2026, down 1.91 percent from HKD 99.35. Against that market level, CLSA's HKD 146.10 target implies a target 50.00 percent above the quote, calculated from the two HKD values.

Clinical execution remains the central variable. The analyst report identifies risks from weaker product sales, slower research and development or regulatory progress, and delays in global collaborations. The prior close at Lang & Schwarz was EUR 11.23 on October 5, 2026. The further course of trading is shown by the continuously updated real-time quote of Innovent stock.